Analysts at Scotiabank explained that Sterling has been nudging cautiously higher since the start of the month to the point that gains are putting spot within reach of trend resistance off the early 2018 high (1.3988).
"Sustained gains through this level will put the pound in a quite comfortable position versus the USD from a longer run point of view and suggest that longer-term trend appreciation is resuming. Key support near-term is 1.3815; weakness below here undercuts the near-term technical tone for this market and targets a push back to 1.3685 at least."
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