GBP/USD should progress a little further to 1.2175/1.2200 on gains above 1.2150/1.2155 – Scotiabank

Market news

27 October 2023

GBP/USD should progress a little further to 1.2175/1.2200 on gains above 1.2150/1.2155 – Scotiabank

GBP/USDD recovers from sub-1.21 levels again but progress is limited, economists at Scotiabank report.

The pattern of trade around the recovery is bullish

Cable’s rebound from sub-1.21 levels on Thursday extends the pattern of firm support for the GBP below the figure seen through October so far.

The pattern of trade around the recovery is bullish from a technical point of view but the lack of follow through demand today leaves gains stalled.

Intraday gains above 1.2150/1.2155 should see Cable progress a little further at least to 1.2175/1.2200.

India FX Reserves, USD fell from previous $585.9B to $583.53B in October 20

US Dollar strengthens ahead of PCE inflation data

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.