GBP/USD: Deeper rebound through 1.2190/1.2200 resistance needed to secure gains towards 1.23 – Scotiabank

Sterling is weaker but has rebounded a little from the earlier session low. Economists at Scotiabank analyze Cable’s outlook.

Potential turn higher in the Pound

Sterling looks soft but the GBP/USD pair has once again found firm support on dips below 1.21.

GBP gains off the low Thursday set a daily ‘doji’ candle on the candle chart, suggesting a potential turn higher in the Pound.

A deeper rebound through 1.2190/1.2200 resistance is needed to secure gains towards 1.23 from a technical point of view, however.