He GBP/USD is moving away from the highs, but should maintain 1.25 for now, Scotiabank economists report.
Intraday price development seems a bit weak
GBP/USD’s new short-term cycle highs above 1.25 (100-DMA at 1.2505, now support) maintain the positive tone, but intraday price development is a bit weak, with the Pound retreating from the average of 1.25. Support around the figure should hold at least in the short term.
Support around this figure should hold at least in the short term.
The trend is bullish in the intraday, daily and (almost) weekly DMI studies, implying that a strong bullish trend is still developing.
Resistance is located at 1.2590 (50% Fibonacci of the fall of the Pound in the second half).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
