Sterling is weaker but has rebounded a little from the earlier session low. Economists at Scotiabank analyze Cable’s outlook.
Potential turn higher in the Pound
Sterling looks soft but the GBP/USD pair has once again found firm support on dips below 1.21.
GBP gains off the low Thursday set a daily ‘doji’ candle on the candle chart, suggesting a potential turn higher in the Pound.
A deeper rebound through 1.2190/1.2200 resistance is needed to secure gains towards 1.23 from a technical point of view, however.
Source: https://www.fxstreet.com/news/gbp-usd-deeper-rebound-through-12190-12200-resistance-needed-to-secure-gains-towards-123-scotiabank-202310201127