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.