GBP/USD to enjoy further gains toward the mid-1.25s on sustained break above 1.2460/70 – Scotiabank

Market news

1 June 2023

GBP/USD to enjoy further gains toward the mid-1.25s on sustained break above 1.2460/70 – Scotiabank

GBP/USD has regained a little ground on the session after weakening back to the 1.24 area. Economists at Scotiabank analyze the pair’s technical outlook.

Gains are still confined to a short-term consolidation range

The GBP/USD pair is firmer but gains are still confined to a short-term consolidation range which may limit the Pound’s ability to rally further in the near term.

Sustained gains through 1.2460/70 (40-Day Moving Average at 1.2467) in the near-term will confer a stronger technical tone on Cable and point towards gains extending to the mid-1.25s.

Currencies. Daily history for Thursday, June 1, 2023

Commodities. Daily history for Wednesday, May 31, 2023

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