GBP/USD: Gains could extend a little more in the short run – Scotiabank
GBP/USD rebounds from near recent lows just under 1.2600. Economists at Scotiabank analyze the pair’s outlook.
Support on dips to the upper 1.2500s has been consistent recently
Sterling’s rebound from Friday’s low (a little below the 200-DMA at 1.2592) looks a bit more meaningful than many of its peers on the day so far.
Price signals are not obviously bullish on the intraday chart and trend momentum signals are aligned bearishly against the GBP on the intraday and daily oscillators. Still, support for the GBP on dips to the upper 1.2500s has been consistent recently and corrective gains in the Pound could extend a little more in the short run. Look for resistance around 1.2665/1.2675, however.
Support is 1.2590/1.2600.
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.