GBP/USD: bid up to 1.3125 while above 1.2990? - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank noted that GBP/USD is well-supported on dips but last week’s high water mark above 1.31 may represent a high point for the market for now.

Key Quotes:

"Price action around the peak formed a bearish outside range session on the intraday chart and intraday price trends continue to suggest some risk of additional weakness, from our perspective."

"We see resistance at 1.3125 and support at 1.2990. Losses may accumulate a little more obviously below here."

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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