GBP/USD to remain under pressure while below 1.3550 – Scotiabank

GBP/USD posts minor gain but struggles to extend through low 1.35s. Economists at Scotiabank believe that cable continues to paint a bearish picture and needs to surpass the 1.3550 mark to alleviate downside pressure.

Support is located at 1.3490/50

“The technical picture remains bearish but a push past 1.3550 initially and then 1.36 could more clearly negate downward pressure for it to settle back in its uptrend since mid-Dec.”

“Resistance is the 100-day MA at 1.3534 followed by the mid-1.35s and 1.3580/00.”

“Support is 1.3490/50 followed by 1.3440/50.”