GBP/USD to inch higher towards 1.36 on a breach of the 100-DMA of 1.3556 – Scotiabank

GBP/USD is stable in mid 1.35s. Economists at Scotiabank notes that the bullish trend in cable could drive the pair towards the 1.36 level on a break above the 100-day moving average at 1.3556.

100-DMA of 1.3556 acts as resistance

“The pound should find decent support at the 1.35/high-1.34s zone on dips with the mid-figure area following.” 

“Resistance after the 100-day MA of 1.3556 stands at 1.3577, the 38.2% Fib retracement of its Jun-Dec drop, with the 1.36 level acting as another key mark to beat on the charts.”