The GBP is looking quite robust on the session. Economists at Scotiabank expect the GBP/USD to retest the mid-December high at 1.2445/50.

GBP is developing a strong uptrend

“The GBP is developing a strong uptrend on the short-term charts and has been looking in relatively good form technically, at least, since its rebound from sub-1.19 levels in the first week of Jan.”

“Trend momentum is bullish on the intraday chart and new, short-term cycle highs above 1.23 target a retest of the mid-Dec peak at 1.2445/50 at least.”