VOT Research Desk
GBP/USD extends gains past the 1.20 level. Cable is expected to test the 1.22/1.23 zone, according to Scotiabank economists.
Solid intraday trends are supporting the GBP’s favorable longer-term technical outlook.
This week’s clear and sustained Cable gains through the 1.2000/50 zone set the Pound up for an extension higher to test the 1.22/1.23 area.
The GBP’s 200-day moving average is currently at 1.2192 and will serve as significant resistance in the coming days. Former resistance is 1.2000/50 as support.
