GBP/USD: Ongoing pressure for a retest of key resistance at 1.2445/50 – Scotiabank

GBP/USD bounces nicely from the 1.2275 area. Economists at Scotiabank expect the pair to pressure the 1.2445/50 resistance.

Bull trend holds

“Mar CIPS Manufacturing data was revised down slightly (47.9, from 48.0) but the data had little impact on the GBP which has traded steadily higher from the session low just under 1.23.” 

“The Pound remains in a solid, short-term uptrend. Broader technical signals remain positive and underlying trend signals are aligned positively for the GBP. This implies limited downside for the GBP for the moment and ongoing pressure for a retest – at least – of key, medium-term resistance at 1.2445/50.”