GBP/USD: Gains to pick up through low-1.21s – Scotiabank

GBP/USD stages bull reversal. Gains through the low/mid-1.21 area should see Cable pick up a little more momentum, economists at Scotiabank report.

Dips likely to be taken advantage of by buyers

“Cable formed bullish key reversal session yesterday (new low, higher close and higher high relative to Monday), strongly signaling a reversal in the pound’s recent slide.”

“Intraday gains are struggling a little around the 1.21 point but modest dips are likely to be taken advantage of by buyers.” 

“Gains through the low/mid-1.21 area should see the GBP pick up a little more momentum in the next few days.”

“Support is 1.2045/50.”