GBP/USD rebounds firmly from early week low. The pair is set to enjoy further gains, economists at Scotiabank report.

Bull trend persists

“Solid, short-term gains for Cable give the intraday charts a positive look.”

“GBP/USD gains through the low 1.24 zone break the short-term trend decline in the Pound off of last week’s high and suggest the broader uptrend in spot is set to resume.”

“Support is 1.2400/10. Resistance is 1.2515.”

See: GBP/USD may struggle to sustain a break above 1.25 this quarter – ING