GBP/USD: short-term technicals look neutral/negative - Scotiabank

Analysts at Scotiabank noted that GBP/USD short-term technicals look neutral/negative.

Key Quotes:

"Sterling is making a little progress on the short-term charts but gains remain rather muted in the context of recent ranges."

"Gains through the low 1.22s do suggest a risk of a retest of the post-flash crash high at 1.2370 but broader trend signals remain bearishly aligned, suggesting that Cable will have difficulty sustaining rallies."

"We remain technically bearish on the GBP but Cable does have a little room to improve before the trend lower is endangered."