GBP/USD: Regaining 1.2600 should trigger additional gains – Scotiabank
|GBP/USD edges off support in low 1.2500s. Economists at Scotiabank analyze the pair’s outlook.
Intraday price action looks mildly positive for the GBP
Spot weakness through the upper 1.2500 area on Monday – where Cable had found support over the past week – extended a little but the low 1.2500 area (the base of the range for the GBP since late last year) continues to draw interest from bargain hunting buyers.
Intraday price action looks mildly positive for the GBP (a bullish outside range signal developed through Asian/European trade).
Resistance is 1.2585/1.2590; if Sterling can regain a 1.2600 handle, additional strength should follow.
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.