GBP/USD: bears looking for a break to the 1.37's? - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank explained that cable traded poorly overall last week, closing out Friday at the low and forming a bearish reversal week in the process.

Key Quotes:

"The GBP has made steady technical progress since the late 2016 low below 1.20 but the stall out last week coincided with the early 2018 high (roughly) and suggests some pressure on the lower end of the recent range (at least) may follow now."

"We look for GBP support in the upper 1.37s but weakness below 1.37 in the next week or two will trigger more technically led losses."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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