GBP/USD: Bulls strife to test the 1.2925 resistance – Scotibank
|The Pound Sterling (GBP) has nudged a little higher in quiet Asian and European trade after closing on the lows yesterday, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Next resistance is at 1.2925
“With little data to cue off of and calmer market conditions prevailing in stocks, GBP has benefited from some light short covering demand into the weekend.”
“Sterling is consolidating in a tight trading range. Moderate gains on the session so far are corrective but may only mark a pause in the GBP’s slide before losses resume.”
“Cable’s closing break of retracement support at 1.2879 yesterday suggests more weakness—potentially to the 1.2775/1.2825 range—is the most likely course for the pound at the moment. Resistance is 1.2925.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.