GBP/USD: Firm trend should extend towards 1.30 in the weeks ahead – Scotiabank

Market news

16 June 2023

GBP/USD: Firm trend should extend towards 1.30 in the weeks ahead – Scotiabank

GBP/USD holds impressive gains. Economists at Scotiabank analyze the pair’s outlook.

Technical outlook remains constructive

The BoE meets next week and a 25 bps hike – with hawkish guidance is expected. Sterling should remain well-supported on moderate dips for now as a result.

With trend momentum oscillators aligned bullishly across short, medium-, and long-term studies, the firm trend should extend towards 1.30+ in the weeks ahead (76.4% retracement resistance at 1.3328).

See – GBP/USD: There is 'fresh air' between current levels and 1.3000 – ING

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