GBP/USD looks poised to retest the 1.2800/50 range – Scotiabank

Market news

6 July 2023

GBP/USD looks poised to retest the 1.2800/50 range – Scotiabank

GBP/USD gains strongly. Economists at Scotiabank analyze the pair's technical outlook.

GBP/USD has formed an inverse Head & Shoulders pattern

The GBP/USD pair has formed an inverse Head & Shoulders pattern over the turn of the month following the sharp rebound from the 1.26 zone.

Intraday gains have pushed through the neckline trigger (1.2730, now support) and look poised to push on to retest the 1.2800/50 range.

See: EUR/GBP may find some support around current levels and even converge back to 0.8600 – ING

EUR/USD: Break above 1.0905 to put 1.10 in reach again – Scotiabank

USD/CHF cracks to near 0.8950, follows footprints of falling USD Index, US Employment in focus

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer

Open Demo Account & Personal Page

Personal area

support@teletradepartners.com

Risk Warning: Trading in the financial markets (including trading on margin) provides a wide range of opportunities and enables investors ready to take risks to make high profits, but it carries a potentially high level of risk of loss. Therefore, prior to trading you should take into careful consideration whether such operations are suitable for you in terms of your level of knowledge and financial situation.