GBP/USD strengthens to mid 1.23s. Cable should retain a firm undertone, in the view of economists at Scotiabank.

Bulls are in control

“The broader outlook remains positive – solid trend momentum and a steady run of higher highs and higher lows on the short-term chart that shows the bulls are in control.”

“Key resistance remains the recent peaks for the pound at 1.2445/50 but that looks reachable in the near-term.”

“Minor resistance stands at 1.2400. Support is 1.2295/00.”

See – GBP/USD: On course to retest and eventually break above the 1.2447/49 highs – Credit Suisse