GBP/USD: Gains through 1.2735/40 should reinvigorate the still strong underlying bull trend – Scotiabank

Market news

5 July 2023

GBP/USD: Gains through 1.2735/40 should reinvigorate the still strong underlying bull trend – Scotiabank

GBP/USD is little changed on the session, holding around the 1.27 level. Economists at Scotiabank analyze the pair’s technical outlook.

Technical momentum remains positive

Gains have consolidated in tight ranges since the start of the week but the backdrop remains bullishly oriented for the Pound and gains through 1.2735/40 in the next day or so should reinvigorate the still strong underlying bull trend evident on daily and weekly oscillator readings for a retest of 1.28+.

Support is 1.2665/85.

See: GBP/USD will struggle to extend beyond recent highs, ending H2 lower in the 1.22 region – Rabobank

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