The British Pound has spent the past week in a tight 500 pip range but has mostly traded around the 1.2620 level. Attempts by the bears to send the GBPUSD into a downtrend like the EURUSD have so far failed, with the pair finding buyers on dips towards the 200-day moving average (now at 1.2590) since last November. It looks more like a temporary stalemate against the backdrop of the euro, franc and yen downtrends and the Canadian dollar’s unimpressive momentum.