GBP/USD has struggled to hold its push above 1.26. Economists at Scotiabank expect cable to face more selling pressure above this level.

Dip under the daily low of 1.2550 to open up the big figure area

“The pound is not out of the woods yet, as it will likely continue to face selling pressure above 1.26 ahead of resistance at the early-May high of 1.2638.”

“Losses below the intraday low of ~1.2550 are followed by support at the big figure area and yesterday’s low of 1.2481.”