GBP/USD: Daily close above 1.2180 would add to momentum for deeper push above 1.22 – Scotiabank
GBP/USD trades firmer near 1.22. Economists at Scotiabank analyze Sterling’s outlook.
EUR/GBP gains above 0.87 suggest a new, higher trading range between 0.87 and 0.89
Sterling is firm but GBP/USD gains are struggling against 1.22, trend resistance off the July high. The market pushed through this trend briefly earlier in October but needs to make clearer progress above the figure to extend.
A daily close above 1.2180 (21-DMA) would be a modest positive and add to momentum for deeper push above 1.22 towards the 40-DMA at 1.2254 currently.
EUR/GBP gains above 0.87 are slowly developing and suggest a new, higher trading range for the cross between 0.87 as the base and 0.89 as a medium-term bull target over the next three-six months.
Reprinted from FXStreet_id，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.