GBP/USD: A strong uptrend is developing – Scotiabank
GBP/USD edges off high but should hold 1.25 for now, economists at Scotiabank report.
Intraday price action is a little soft-looking
New short-term cycle highs for Cable above 1.25 (100-DMA at 1.2505, now support) keep the broader undertone positive but intraday price action is a little soft-looking, with the Pound edging back from the mid-1.25s.
Support around the figure should hold up in the near-term at least.
Trend momentum is bullish on the intraday, daily and (just about) weekly DMI studies, implying a strong uptrend is developing still.
Resistance is 1.2590 (50% Fibonacci of the H2 drop in Sterling).
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.