GBP/USD regains positive traction on Tuesday and trades above the 1.2000 mark. Economists at Scotiabank believe that a move above 1.2060 will add to positive momentum.
Support aligns at 1.1940, then 1.1900
“Regaining the 1.20 area has helped steady the Pound and we think that additional gains through 1.2060 intraday will add to positive momentum.”
“Support is 1.1940, ahead of 1.1900, intraday.”
“Sterling should remain generally better supported on mild dips for now.”
See: GBP to strengthen against the USD in 2023 – HSBC