GBP/USD to stretch higher towards the 1.22/23 zone – Scotiabank

GBP/USD extends gains through the 1.20 area. Economists at Scotiabank expect Cable to test the 1.22/1.23 region.

Resistance at 1.2050/00 turns into support

“Solid intraday trends are backing up a positive longer-term technical picture for the GBP.”

“Clear and sustained Cable gains through the 1.2000/50 zone this week put the Pound on course for an extension higher to test the 1.22/1.23 area.”

“The GBP’s 200-day MA stands at 1.2192 and figures as important resistance for the next few days ahead.”

“Support is 1.2000/50, former resistance.”