GBP/USD still a bullish technical looking picture - Scotiabank

Analysts at Scotiabank noted sterling may be having a bit of an off day today but the technical picture for GBP/USD looks pretty positive on the short and medium-term charts.

Key Quotes:

"The intraday picture suggests a fairly straightforward and nicely formed bull flag in development, bullish above 1.2960, support at 1.2850."

"The broader picture suggests firm support in the upper 1.26s (200-day MA) and the potential for a more bullish phase of price action to develop above 1.3000/50."