GBP/USD to turn better bid above 1.11 – Scotiabank

GBP/USD steadies above 1.10. Economists at Scotiabank note that the pair would improve its prospects on a move above 1.11.

GBP still has a lot of work to do in order to stabilize

“The slowing in the pace of the sell-off from the early Oct high around 1.15 suggests that some bargain hunting is developing around 1.1000/50. Short-term resistance is firm in the 1.1085/95 zone, however, and the pound still has a lot of work to do in order to stabilize.”

“Look for cable to turn better bid above 1.11 but trade better offered again below 1.10 in the short-run.”