GBP/USD is holding a narrow consolidation range between support at 1.2370 and resistance at 1.2410. Economists at Scotiabank analyze Cable’s outlook.
Short-term trend dynamics are bearish which should limit the scope for gains in the near term.
A clear move through the low 1.24s will ease broader, bearish pressure on the Pound but gains through 1.2550 are needed to suggest more sustainable gains.
The broader trend appears bearish still.
See: The downtrend in Sterling is likely to continue – Commerzbank
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