GBP/USD needs to surpass 1.2350 to show more meaningful technical strength – Scotiabank

GBP/USD is putting in a solid session – by recent standards – so far today. Economists at Scotiabank analyze the pair’s outlook.

Cable looks heavily oversold in the short run

The GBP/USD pair looks heavily oversold in the short run and intraday price signals are bullish which may point to gains extending to the mid/upper 1.22s.

Cable would need to surpass the 1.2350 mark to show more meaningful technical strength.

Support is seen at 1.2100/1.2110.

See: GBP/USD remains vulnerable to the 1.20/1.21 area – ING