GBP/USD should progress a little further to 1.2175/1.2200 on gains above 1.2150/1.2155 – Scotiabank

GBP/USDD recovers from sub-1.21 levels again but progress is limited, economists at Scotiabank report.

The pattern of trade around the recovery is bullish

Cable’s rebound from sub-1.21 levels on Thursday extends the pattern of firm support for the GBP below the figure seen through October so far.

The pattern of trade around the recovery is bullish from a technical point of view but the lack of follow through demand today leaves gains stalled.

Intraday gains above 1.2150/1.2155 should see Cable progress a little further at least to 1.2175/1.2200.