Analysts at Scotiabank argued that GBP/USD’s short-term technicals are neutral.
Key Quotes:
“The risk of putting too much emphasis on technical signals is highlighted by the weak price action in Cable – which also formed a bullish key reversal session last week.”
“Losses overnight exceeded last week’s low, invalidating the signal on the face of it.”
“The pound has traded off the low – so far – and might yet revive more positive prospects. But the loss of support around 1.3100/05 on the closing basis will tip near-term risks back towards a test of 1.30, and perhaps 1.29. Resistance is 1.3120.”
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