Analysts at Scotiabank argue that Cable needs to extend above 1.2925 for the rebound to extend.
Key Quotes:
“GBP/USD short-term technicals are neutral.”
“Sterling has performed relatively well over the past week or so amid broader USD weakness. Intraday price action suggests gains have stalled for now (1- and 6-hour candle charts reflect “doji” candle signals overnight).”
“We also but we note that overnight gains stalled against trend resistance off the Apr high in the pound in the low 1.29s. “
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