GBP/USD: Regaining 1.2430 would be a modest positive for Cable – Scotiabank

GBP/USD slips. Economists at Scotiabank analyze the pair’s outlook.

Underlying trend dynamics remain supportive

Cable’s slide from the 1.25 peak reached earlier this week is steadying but there are few signs of positive impulses on the short-term chart at the moment.

Trend momentum oscillators remain bullishly aligned for the GBP on the intraday and daily studies and are edging positive on the weekly DMI – which should help limit GBP losses at least in the near-term.

Regaining 1.2430 intraday would be a modest positive for the Pound.

Support is 1.2375.