GBP/USD: Firm close on the session to put in a bull reversal signal on the daily chart – Scotiabank

Sterling is sitting on top of the daily performance league for the major currencies. Economists at Scotiabank analyze Cable’s outlook.

Price action is looking constructive from a technical point of view

GBP price action is – so far on the session – looking constructive from a technical point of view.

A firm close on the session – around or better than current levels – would put in a bull reversal signal on the daily chart and suggest the GBP’s recent slide from 1.27+ was reversing. 

Support is 1.2550 on the session. Resistance is 1.2620.