The GBP/USD has experienced a strong rebound from the 1.2275 level, and experts at Scotiabank anticipate that the pair will exert upward pressure on the resistance level of 1.2445/50. No crucial details have been left out in this paraphrase.
Bull trend holds
The manufacturing data for Mar CIPS was adjusted down by a small margin from 48.0 to 47.9, however, this had minimal effect on the GBP currency, which remained stable and increased gradually from its lowest point of just under 1.23 during the trading session.
The British Pound is currently experiencing a strong upward trend in the short term. Technical indicators suggest a positive overall trend for the GBP, which means that it is unlikely to experience significant declines at the moment. However, there is ongoing pressure for the currency to retest key resistance levels around 1.2445/50 in the medium term.
Bull trend holds
The manufacturing data for Mar CIPS was adjusted down by a small margin from 48.0 to 47.9, however, this had minimal effect on the GBP currency, which remained stable and increased gradually from its lowest point of just under 1.23 during the trading session.
The British Pound is currently experiencing a strong upward trend in the short term. Technical indicators suggest a positive overall trend for the GBP, which means that it is unlikely to experience significant declines at the moment. However, there is ongoing pressure for the currency to retest key resistance levels around 1.2445/50 in the medium term.
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