Cable’s gains have been capped out around the 1.2590 area. Economists at Scotiabank expect a close below 1.26 to exert more downside pressure on the GBP/USD pair.

Resistance after the 1.26 figure area is located at 1.2630

“A failure to reclaim the 1.26 handle may give the GBP a more bearish feel to close out the week after it broke through its bullish trend from the mid-May lows on Tuesday.”

 Support is the mid-1.25s area followed by 1.2525 and the big figure” zone; Wed’s low of 1.2459 follows.”

“Resistance after the 1.26 figure area is 1.2630 and the mid-1.26s.”