GBP/USD: Support below 1.2675/1.2680 sits at 1.2600/1.2610 – Scotiabank
|GBP/USD trades weaker below support in the low 1.2700s. Economists at Scotiabank analyze the pair’s outlook.
Resistance is 1.2745/1.2750
UK CPI data due on Wednesday and Thursday’s BoE decision may help limit near-term losses.
Sterling’s extended run lower from its early March peak pushed below minor support in the low 1.2700 zone to test the 40-DMA at 1.2680. Short-term price action suggests a potentially positive response to that test in the form of a bullish ‘hammer’ pattern, however.
Resistance is 1.2745/1.2750.
Support below 1.2675/1.2680 sits at 1.2600/1.2610.
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