GBP/USD: bid up to 1.3125 while above 1.2990? - Scotiabank
|Analysts at Scotiabank noted that GBP/USD is well-supported on dips but last week’s high water mark above 1.31 may represent a high point for the market for now.
Key Quotes:
"Price action around the peak formed a bearish outside range session on the intraday chart and intraday price trends continue to suggest some risk of additional weakness, from our perspective."
"We see resistance at 1.3125 and support at 1.2990. Losses may accumulate a little more obviously below here."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.