GBP/USD to see further gains on a move through 1.2295 – Scotiabank
GBP/USD has gained a solid 1.5% over the course of the week. A move above 1.2295 would trigger another leg higher, economists at Scotiabank report.
Momentum favours more gains
“The pause (a bull flag pattern) in the GBP rally should shortly give way to further gains on a spot move through the consolidation ceiling at 1.2295.”
“Support is 1.2225.”
“Trend signals are bullish on the shorter-term (intraday, daily) DMIs and tilting bullish on the weekly study.”
“Bullish oscillators should limit GBP losses in the short term and least and leave the GBP well-supported on minor dips – which remain a buy from a technical point of view.”
Reprinted from FXStreet,the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.