Analysts at Scotiabank explained that sterling rose to new cycle highs Friday versus the USD and continues to enjoy solid, technical support despite drifting back modestly from 1.31+ levels on the day so far.
"We see firm support in the mid-1.30s and looks for strong support at 1.3030 on the day.
Below here may see Cable ease back somewhat further but we think a bullish alignment of trend strength oscillators across short, medium and long-term time frames means minor GBP dips are a buy."
"EUR/GBP closed bearishly on the week Friday suggesting some scope for the pound to steady, or reverse, recent losses versus the EUR. Support here is 0.8750 on a daily close basis now."
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