GBP/USD should progress a little further to 1.2175/1.2200 on gains above 1.2150/1.2155 – Scotiabank
GBP/USDD recovers from sub-1.21 levels again but progress is limited, economists at Scotiabank report.
The pattern of trade around the recovery is bullish
Cable’s rebound from sub-1.21 levels on Thursday extends the pattern of firm support for the GBP below the figure seen through October so far.
The pattern of trade around the recovery is bullish from a technical point of view but the lack of follow through demand today leaves gains stalled.
Intraday gains above 1.2150/1.2155 should see Cable progress a little further at least to 1.2175/1.2200.
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