#GBPUSD @ 1.22758 to see further gains on a move through 1.2295 – Scotiabank
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GBP/USD has gained a solid 1.5% over the course of the week. A move above 1.2295 would trigger another leg higher, economists at Scotiabank report.
“The pause (a bull flag pattern) in the GBP rally should shortly give way to further gains on a spot move through the consolidation ceiling at 1.2295.”
“Support is 1.2225.”
“Trend signals are bullish on the shorter-term (intraday, daily) DMIs and tilting bullish on the weekly study.”
“Bullish oscillators should limit GBP losses in the short term and least and leave the GBP well-supported on minor dips – which remain a buy from a technical point of view.”
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