GBP/USD: short-term technicals as neutral/bullish - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank note GBP/USD short-term technicals as neutral/bullish.

Key Quotes:

"Sterling has edged back a little from the overnight high, with the 1.4085/00 area still capping GBP gains.

The overall technical picture looks positive for Cable, however; the pound broke above its 40-day MA this week and is sustaining the break out from the 2018 consolidation (bull wedge pattern).

Bullish trend signals are aligning on the short, medium and longer run charts, suggesting 1) limited downside movement and 2) an ongoing, underlying bid tone to price action.

Above 1.41 is positive for gains towards 1.4250/1.4350."

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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