GBP/USD to retest key resistance at 1.2450/60 and beyond – Scotiabank
|GBP/USD is on the back foot, having faced rejection at 1.2400. Economists at Scotiabank expect the pair to move higher and retest key resistance at 1.2450/60.
Bullish pennant consolidation
“Late week price action in the Pound has seen Cable move sideways within a steadily narrowing range – a bullish pennant consolidation.”
“Support is seen at 1.2335.”
“Bullish-leaning trend strength studies favour a topside break out and push on to retest key resistance at 1.2450/60 and beyond.”
See: GBP underperformance unlikely to persist – HSBC
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.