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Rebound is showing signs of petering out in the low-1.2700s – Scotiabank – Crypto News
Cable’s rebound from 1.2600 on Wednesday extends range trade. Economists at Scotiabank analyze the GBP/USD outlook.
Selling pressure merging above 1.2700
Wednesday’s squeeze higher in the Pound perpetuates the broader sideways range in Cable for a little longer.
The GBP’s bullish reaction to Wednesday’s test of the 1.2600 range base in place over the past month is showing signs of petering out in the low-1.2700s intraday, however, with the short-term charts reflecting better selling pressure merging above 1.2700.
Minor support is 1.2675 intraday.
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