#GBPUSD @ 1.22651 : Door open for the GBP to regain 1.23 in the short run – Scotiabank
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GBP/USD inches higher from the 1.22 support zone. Economists at Scotiabank believe that the pair could surge above the 1.23 level.
“Retests of 1.22 over the past few sessions have generated solid gains and while short-term trend dynamics are soft, they are leaning GBP-bullish. That leaves the door open for the GBP to regain 1.23+ in the short run. However, the intraday chart does reveal a potential weakness – a possible Head & Shoulders top whose neckline trigger falls right on the 1.22.”
“Near-term weakness below the 1.22 region would imply GBP losses back to the 1.2075 zone in the next 1-3 days.”
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