GBPUSD: Long run downtrend stays intact – Scotiabank

GBPUSD’s rebound from Friday extends but broader downtrend remains intact, economists at Scotiabank report.

Sterling still has its work cut out to stabilize and improve more materially

“Sequential higher highs and higher lows are a basic positive for GBPUSD but last week’s peak in the low 1.16s keeps the longer run downtrend intact.”

“The Pound still has its work cut out to stabilize and improve more materially. Strong gains Friday and additional gains today are a minor plus, keeping the focus on the topside.”

“Resistance is 1.1500/10 (minor) then 1.1560. Support is 1.1385/1.1415.”