GBP/USD has found firm support in the low 1.23 zone over the past 24 hours. Economists at Scotiabank analyze the pair’s technical outlook.
“Steady gains so far today suggest a mild improvement in its technical tone at least.”
“Short-term trend momentum is positive but that is overshadowed by bearish-leaning signals on the longer run studies. Still, the intraday performance looks solid and regaining the mid-1.23 area (formerly support) gives the technical tone a further (short-term, at least) lift.”
“Resistance is 1.2395/00 and (stronger) at 1.2425. Gains through the latter point would be more generally constructive.”
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