#GBPUSD @ 1.19902 More range-trading around the 1.20 point may develop – Scotiabank
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GBP/USD holds key support in low-1.19s. Economists at Scotiabank analyze the pair technical outlook.
“Markets continue to imply solid expectations that the policy cycle will extend, with three more 25 bps hikes priced in through Sep; paring back of these rate bets (while the Fed and ECB remain relatively hawkish) will weigh on the Pound.”
“Cable has rebounded from the low 1.19 area for a third time since mid-Feb. While this area is important support on the short-term charts, recall that 1.1916 (currently) is where the 200-DMA lies and provides additional support for the GBP.”
“More range-trading around the 1.20 point may develop from here (resistance is 1.2150) in the short run.”
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