GBP/USD to see a technical bullish development on a push towards 1.24 – Scotiabank

GBP/USD is little changed on the day. Nonetheless, the pair traded positively Friday for a bullish close. Economists at Scotiabank are closely watching a push towards 1.24 which would be a more obviously bullish technical development.

Key support is 1.2155

“There’s little obviously positive for the GBP on the intraday chart, with gains struggling to break above 1.2250/75. But a step back to the daily chart shows a rather surprising bullish close (key reversal day) Friday which suggests one of the G10 weaklings may be finding a base after all.” 

“It’s tentative at this point but worth monitoring for a push on towards 1.24+ which would be a more obviously bullish technical development.” 

“Key support is 1.2155.”