GBP/USD continues to hover around 1.2600. Economists at Scotiabank analyze the pair’s outlook.
Medium-term support at 1.2500/1.2520 looks solid
Short-term price action looks a bit soft, but the weekly trade pattern is shaping up a bit more constructively for the pound sterling (GBP), with a solid bounce off the early week low signaling a potential bullish ‘hammer’ for the week. chart (due to today’s high GBP close).
Medium-term support at 1.2500/1.2520 now looks solid. Intraday support is 1.2575.
Resistance is at 1.2640.
