GBP/USD: intraday price action suggests gains have stalled for now - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank argue that Cable needs to extend above 1.2925 for the rebound to extend.

Key Quotes:

"GBP/USD short-term technicals are neutral."

"Sterling has performed relatively well over the past week or so amid broader USD weakness. Intraday price action suggests gains have stalled for now (1– and 6-hour candle charts reflect “doji” candle signals overnight)."

"We also but we note that overnight gains stalled against trend resistance off the Apr high in the pound in the low 1.29s. "

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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