GBP/USD needs to regain and hold 1.2290/00 to ignite more buying interest – Scotiabank

Sterling is firmer. Economists at Scotiabank note that the outlook for the GBP is positive.

Short-term momentum signals are bullish

“The solid rebound in the Pound from sub-1.19 levels last week cast a positive look to the charts and suggests that the corrective losses from the mid-1.24 zone is complete. Spot needs to regain and hold 1.2290/00 in order to ignite more buying interest, however.”

“Short-term momentum signals are bullish, which support the positive outlook for the Pound and should help limit losses.”