GBP/USD: Sustained move above 1.3550 to clear the way for further gains – Scotiabank

GBP/USD has managed to bounce off the 1.3500/10 area again to a test of the mid-figure zone that is somewhat limiting upside. A berak above here would clear the path to enjoy further gains, econmists at Scotiabank report.

Support after 1.3490/00 is around 1.3475

“Cable’s rejection of the 1.35 area over the past three days points to a resumption of its gains since late-Jan, but it may have to break more firmly over 1.3550 to negate the downward pressure of the past few days.”

“After the mid-figure zone, ~1.3585 is resistance followed by the 1.36 area and then 1.3615/20.”

“Support after 1.3490/00 is ~1.3475 and the 1.3450 zone.”