GBP’s rebound from sub-1.30 levels extended into the high-1.30s today before selling pressure emerged near the figure. Economists at Scotiabank expect GBP/USD to decline towards the 1.2850 zone.

GBP/USD faces firm resistance in the mid-1.31s

“The pound remains caught in a downward trajectory since late-Feb with price action pointing to another break under 1.30 and losses extending toward the mid-1.28s.” 

“A test of 1.31 with an aim to take out last week’s high of 1.3150 would leave the GBP technical picture looking much more positive but the pound faces firm resistance in the mid-1.31s.” 

“Support after the mid-1.30s and the figure is Tuesday’s low of 1.2981 followed by 1.2974.”