GBP/USD trades back to the mid-1.21 area.

Economists at Scotiabank analyze the pair’s outlook.Choppy range trading may continue in the short run.Cable slippage to the 1.21 area or just below found good support last week but gains to the upper 1.21 area are attracting firm selling pressure as well. Sterling may continue to find support on weakness to the 1.20 area in the short run but gains may be hard to come by for now.Weak trend signals suggest choppy range trading may continue in the short run.

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