The British pound has fallen a bit against the dollar. But GBP/USD technical patterns are bullishaccording to Scotiabank economists.
Loss of 1.2150 support could send GBP/USD back towards 1.2050 or 1.2000
“Short-term charts show that the pound is well supported against minor trend support coming from last week lows at 1.2150 and that price action is consolidating in a bull flag pattern (renewed gains above 1.2175 intraday).”
“However, loss of support at 1.2150 zone could push GBP/USD back to 1.2050 or 1.2000 zone soon.”
“Elevated US inflation data could give the dollar a boost against the pound, but short-term trend looks relatively positive in GBP/USD at the moment.”
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.
