Economists at Scotiabank analyze GBP/USD technical outlook.
Cable could retest resistance at 1.2800/1.2810
The daily GBP/USD chart reflects heavy price action overall Thursday but the intraday pattern of trade shows the Pound rebounding from trend support just under 1.27 in a constructive manner – the 6-hour candle chart shows a bullish ‘morning star’ signal developing today.
The GBP may be able to strengthen somewhat in the short run to retest resistance at 1.2800/1.2810.
See – GBP/USD: Head and Shoulders pattern points towards potential downside – SocGen
Source: https://www.fxstreet.com/news/gbp-usd-may-be-able-to-strengthen-somewhat-in-the-short-run-scotiabank-202308111204