GBP/USD trades slightly below the 1.21 level. The pair needs to clear the 1.2080/90 region to open up room for further gains, economists at Scotiabank report.

Key support aligns at 1.2000/10

“Cable is trying to break out of last week’s bull flag consolidation (ceiling resistance at 1.2082). A clear move through the 80/90 zone should see the pair pick up a little more momentum – and perhaps allow the GBP to play catch up with the EUR to some extent – towards 1.2150/55.”

“Key support is 1.2000/10.”