GBP/USD looks to have a good chance of holding and extending gains – Scotiabank

GBP/USD has regained the 1.22 zone. Economists at Scotiabank expect Cable to enjoy further gains and test the 1.2290/00 area.

GBP retains a firm undertone 

“Sterling is making another run at 1.22-plus levels and looks to have some decent (short-term) momentum under it.” 

“The Pound has found solid support on significant dips in the recent past and looks to have a good chance of holding and extending gains through the 55-Day Moving Average (1.2132) this week and push on to test major resistance (1-year downtrend) at 1.2290/00 in the coming days.”