GBP/USD struggling to make new short-term cycle highs, support is 1.2850 - Scotiabank

Analysts at Scotiabank explained that the GBP wobbled earlier in London trade on Brexit noise.

Key Quotes:

"PM May appeared to talk down the risks of a no-deal Brexit by referring to comments from WTO chief Azevedo last week that a no deal Brexit would not be easy, trade would continue."

"A spokesman reiterated that the negotiations continue to work towards a Brexit deal by Oct. "

"The market is struggling to make new short-term cycle highs."

"Trend signals are neutral (or negative) beyond the 1-hour studies."

"Above 1.2960 will give the GBP a little more room to improve. Support is 1.2850."