GBP/USD: On track for a test of the 1.2450/60 zone – Scotiabank

Cable retains a firm undertone. Economists at Scotiabank expect the GBP/USD pair to test the 1.2450/60 area.

Short-term support is 1.2220

“A steady procession of higher highs and higher lows on the short-term chart is keeping the GBP/USD pair on track for a test of 1.2450/60.” 

“Short-term support is 1.2220, with stronger support seen at 1.2120/30.” 

“A push through the 1.2340/50 area should give GBP gains some additional positive momentum.”

See: Accumulation of bad news from the UK justifies a weak Sterling – Commerzbank