#GBPUSD @ 1.21122 : Consolidation ahead of another push higher – Scotiabank
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Sterling is a modest under-performer on the session. Economists at Scotiabank expect the GBP/USD pair to hold above 1.21 to keep the undertone constructive.
“Cable’s drift off the early week high just above 1.22 remains limited and could still be construed as a bullish – potentially – consolidation ahead of another push higher.”
“Cable is well-supported in the low 1.21 area but support will have to hold to keep the undertone constructive.”
“Tuesday’s inside range sessions casts a slightly more negative look to the daily chart. Gains back above 1.2175 intraday would be constructive.”
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