GBP/USD: Potential double bottom would be triggered by gains through 1.2810 – Scotiabank

GBP/USD gains some technical momentum above 1.2725 trend resistance, analysts at Scotiabank report.

1.2725 should now provide some intraday support

Solid intraday gains for the GBP off the early session low are putting a positive spin on the short-term charts. 

The Pound is trading above short-term bear trend resistance at 1.2725 (off the mid-July high) which should now provide some intraday support. Solid support noted at 1.2620/1.2630 noted previously sets up a potential double bottom which would be triggered by gains through the neckline at 1.2810 (for a measured move rally to 1.3010/1.3020).