GBP/USD: seeing upside potential towards 1.29 - Scotiabank

Analysts at Scotiabank explained that cable looks well-supported, thanks mainly to a weaker USD. 

Key quotes:

"We remain concerned that Brexit risks will weigh on the GBP outlook through the fall."

"GBP/USD short-term technicals: neutral/bullish – Sterling has benefitted from steady accumulation from around the 1.27 area over the last 24 hours or so, suggesting that sterling bargain hunters have been active."

"A “rounded low” is developing on the intraday chart; these formations are often followed by a short, corrective dip and renewed gains."

"We see support now on dips to 1.2790/00."

"We see upside potential towards 1.29. Broader gains are possible above here."