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GBP/USD: seeing upside potential towards 1.29 – Scotiabank

Analysts at Scotiabank explained that cable looks well-supported, thanks mainly to a weaker USD.  

Key quotes:

“We remain concerned that Brexit risks will weigh on the GBP outlook through the fall.”

“GBP/USD short-term technicals: neutral/bullish – Sterling has benefitted from steady accumulation from around the 1.27 area over the last 24 hours or so, suggesting that sterling bargain hunters have been active.”

“A “rounded low” is developing on the intraday chart; these formations are often followed by a short, corrective dip and renewed gains.”

“We see support now on dips to 1.2790/00.”

“We see upside potential towards 1.29. Broader gains are possible above here.”

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