GBP/USD: Underlying trend looks constructive, resistance seen at 1.2220 – Scotiabank

GBP/USD finds firm support in low 1.21 region. Economists at Scotiabank expect the pair to continue trading on a solid foot.

Intraday support is 1.2085/95

“Fundamental news is thin on the ground and what little there is is not that encouraging (lower house prices, more strikes on the way), suggesting gains are perhaps more technically inspired than anything else today, at least.”

“The underlying trend in the Pound looks constructive – higher highs and higher lows on the daily chart – with Pound also supported by constructive trend momentum signals.” 

“Intraday support is 1.2085/95. Resistance is 1.2220.”