GBP/USD posts minor gain but struggles to extend through low 1.35s. Economists at Scotiabank believe that cable continues to paint a bearish picture and needs to surpass the 1.3550 mark to alleviate downside pressure.
Support is located at 1.3490/50
“The technical picture remains bearish but a push past 1.3550 initially and then 1.36 could more clearly negate downward pressure for it to settle back in its uptrend since mid-Dec.”
“Resistance is the 100-day MA at 1.3534 followed by the mid-1.35s and 1.3580/00.”
“Support is 1.3490/50 followed by 1.3440/50.”
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