GBP/USD: Clear push above 1.2225 resistance is needed to lift Cable – Scotiabank

Market news

18 October 2023

GBP/USD: Clear push above 1.2225 resistance is needed to lift Cable – Scotiabank

Sterling is consolidating. Economists at Scotiabank analyze GBP outlook.

Losses through 1.2145 may drive GBP/USD back to the low 1.2000s

Cable gains through the 1.22 mark are not finding any follow through support and sideways consolidation that has developed in trading over the past few days is shaping up somewhat negatively for the GBP potentially (minor bear flag pattern).

Losses through 1.2145 may drive the GBP/USD pair back to the low 1.2000s.

A clear push above 1.2225 resistance is needed to lift the Pound.

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