GBP/USD is marginally stronger. The pair is currently trading in the positive territory around 1.3330. However, economists at Scotiabank expect cable to retest the 1.32 level.

GBP/USD faces resistance at 1.3360/70

“Cable staged a solid recovery from yesterday’s test of 1.32 (a new low since December) but still closed just below the 1.33 figure. Setting aside yesterday’s sharp drop, the GBP’s decline has lost steam near the figure as it neared oversold but continued downward pressure points to a firm break of the level to another (more sustained) test of 1.32; 1.3150 and 1.3135 follow as support.”

“The GBP/USD faces resistance at 1.3360/70 followed by 1.3390/400.”