GBP/USD to recover towards 1.34 on a clear break of the 1.32 level – Scotiabank

Cable has managed to peel away from the 1.31 figure area but it is still too early to call a marked reversal in the pound’s losses since late-Feb, according to economists at Scotiabank. The GBP/USD pair needs to push above 1.32 to open up further gains toward 1.34.

Limited support toward 1.30 after 1.31 and recent low of 1.3082

“A break of 1.32 looks like the minimum requirement to suggest a possible recovery in the GBP toward 1.34.”

“The intraday high of 1.3181 is intermediate resistance ahead of the figure zone which is followed by the mid-1.32s.”

“Support is limited after the 1.31 zone and the recent low of 1.3082, with losses liable to take the GBP to a test of 1.30.”