GBP/USD: dips are a buy - Scotiabank

Ross J Burland FXStreet

Analysts at Scotiabank explained that sterling rose to new cycle highs Friday versus the USD and continues to enjoy solid, technical support despite drifting back modestly from 1.31+ levels on the day so far.

Key Quotes:

"We see firm support in the mid-1.30s and looks for strong support at 1.3030 on the day.

Below here may see Cable ease back somewhat further but we think a bullish alignment of trend strength oscillators across short, medium and long-term time frames means minor GBP dips are a buy."

"EUR/GBP closed bearishly on the week Friday suggesting some scope for the pound to steady, or reverse, recent losses versus the EUR. Support here is 0.8750 on a daily close basis now."

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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