- GBP/USD: Minor losses should find support in the low 1.24 zone – Scotiabank
Market news
15 November 2023
GBP/USD: Minor losses should find support in the low 1.24 zone – Scotiabank
Sterling is the weakest performing major currency on the day. Economists at Scotiabank analyze Cable’s outlook.
Cable is forming a short-term top/reversal signal on the intraday chart
Cable is forming a short-term top/reversal signal (‘evening star’) on the intraday chart. Cable’s peak is developing right on the 200-DMA (1.2514) so price action merits some close attention.
The broader trend in the Pound continues to look constructive, however, with trend indicators aligned bullishly on the intraday and daily studies.
Minor GBP losses should find support in the low 1.24 zone for now.
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 disclaimerOpen Demo Account & Personal Page