GBP/USD: Deeper rebound through 1.2190/1.2200 resistance needed to secure gains towards 1.23 – Scotiabank

Market news

20 October 2023

GBP/USD: Deeper rebound through 1.2190/1.2200 resistance needed to secure gains towards 1.23 – Scotiabank

Sterling is weaker but has rebounded a little from the earlier session low. Economists at Scotiabank analyze Cable’s outlook.

Potential turn higher in the Pound

Sterling looks soft but the GBP/USD pair has once again found firm support on dips below 1.21.

GBP gains off the low Thursday set a daily ‘doji’ candle on the candle chart, suggesting a potential turn higher in the Pound.

A deeper rebound through 1.2190/1.2200 resistance is needed to secure gains towards 1.23 from a technical point of view, however.

India Bank Loan Growth fell from previous 20% to 19.3% in October 9

EUR/USD: Firm close on the week would boost chances of a modest extension towards 1.0650/1.0750 – Scotiabank

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