Bull's in control above 1.2195 key support - Scotiabank

Analysts at Scotiabank explained that the ‘rounded’ low which formed on the hourly GBP chart late last week and into the early part of Monday trading suggests some bargain hunters are already looking to pick up some “cheap” sterling.

Key Quotes:

"Cable gains through the upper 1.21/low 1.22 area look technical constructive on the short-term charts but barely move the needle on the longer run studies where bear trend momentum remains quite intense."

"Asian price action suggests an intraday peak has been reached (hourly “shooting star”). But support at 1.2195 is holding the pound up for the moment."