GBP/USD: Regaining 1.2600 should trigger additional gains – Scotiabank

FXStreet Insights Team FXStreet

GBP/USD edges off support in low 1.2500s. Economists at Scotiabank analyze the pair’s outlook.

Intraday price action looks mildly positive for the GBP

Spot weakness through the upper 1.2500 area on Monday – where Cable had found support over the past week – extended a little but the low 1.2500 area (the base of the range for the GBP since late last year) continues to draw interest from bargain hunting buyers.

Intraday price action looks mildly positive for the GBP (a bullish outside range signal developed through Asian/European trade).

Resistance is 1.2585/1.2590; if Sterling can regain a 1.2600 handle, additional strength should follow.

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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