GBP/USD: Positive factors by sturdy resistance at 1.2425 can be extra typically constructive – Scotiabank

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GBP/USD has discovered agency help within the low 1.23 zone over the previous 24 hours. Economists at Scotiabank analyze the pair’s technical outlook.

Intraday efficiency appears strong

“Regular features to date in the present day recommend a light enchancment in its technical tone not less than.”

“Quick-term pattern momentum is optimistic however that’s overshadowed by bearish-leaning indicators on the longer run research. Nonetheless, the intraday efficiency appears strong and regaining the mid-1.23 space (previously help) offers the technical tone an additional (short-term, not less than) elevate.”

“Resistance is 1.2395/00 and (stronger) at 1.2425. Positive factors by the latter level can be extra typically constructive.”