GBP/USD Range Trade Continues with Upside Risk

The British Pound continues to trade in a narrow range against the US Dollar, according to Scotiabank's Global FX Strategy team. The GBP/USD pair is currently hovering around its long-term moving averages near $1.34.

Despite being modestly firmer on the session, trading is limited due to the lack of UK data reports. However, short-term technicals are indicating a neutral to bullish stance, with last week's rise and trend oscillators suggesting upside potential.

The support levels for the pound remain around $1.3390/00, while gains through the low 1.35 zone could allow spot to retest the recent peak around $1.3555/60.