GBP/USD needs to surpass 1.2350 to show more meaningful technical strength – Scotiabank
|GBP/USD is putting in a solid session – by recent standards – so far today. Economists at Scotiabank analyze the pair’s outlook.
Cable looks heavily oversold in the short run
The GBP/USD pair looks heavily oversold in the short run and intraday price signals are bullish which may point to gains extending to the mid/upper 1.22s.
Cable would need to surpass the 1.2350 mark to show more meaningful technical strength.
Support is seen at 1.2100/1.2110.
See: GBP/USD remains vulnerable to the 1.20/1.21 area – ING
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