GBP/USD has seen a decent intraday rally from the mid-1.33s. Economists at Scotiabank believe the cable can extend its rebound above the 1.3410 mark.

GBP/USD to enjoy a short-term bounce

“Cable is showing tentative signs of a shorter-term bounce. A small ‘cup/handle’ pattern seems to be developing and we think gains should extend above 1.3410 intraday.”

“A daily close above 1.3415 may provide the GBP with broader relief.”