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- GBP/USD: Short-term trading patterns are bullish – Scotiabank
GBP/USD: Short-term trading patterns are bullish – Scotiabank
Cable has made a little more progress after regaining 1.29 in late trade on Tuesday, a cent off of Monday’s low. Economists at Scotiabank analyze GBP/USD outlook.
Technicals are bullish
Short-term trading patterns are bullish. The charts highlight steady accumulation of the GBP over the past few trading sessions as the GBP weakened, resulting in a clear, bullish ‘rounded low’ pattern.
Some consolidation, perhaps nearer 1.2950/1.30, may develop from here but these sorts of patterns are typically followed by a more dynamic phase of market movement (higher in this case).
Minor GBP dips remain a buy from a technical point of view.
Resistance is 1.2965 (minor). Support is firm at 1.2800/25.
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