Scotiabank: GBP/USD entered the dead zone and does not give any signals

According to bank's analysts the short-term technical picture for the GBP/USD looks neutral and the pair seems to have entered a dead zone and does not give any signals.
However, it seems that correction up is exhausted and the Bank remain long-term bearish.
Repeated testing this week on the support of 1.2255-60 dollars seems a key area that could determine the fate of the dynamics of the GBP/USD in near future, they added.
If the pair hold above this level, it is entirely possible that it would test the area of 1.23 dollars. Otherwise, it is expected the pair to fall below 1.2250 dollars, which make the picture bearish.