GBP/USD: Gains should pick up more noticeably above 1.2780 – Scotiabank

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7 July 2023

GBP/USD: Gains should pick up more noticeably above 1.2780 – Scotiabank

Cable is clawing back more of yesterday’s losses against the USD to regain the mid-1.27s. Economists at Scotiabank analyze GBP/USD outlook.

Look for firm support on dips to the low 1.27s intraday

With no major data reports from the UK, positioning and the GBP’s short-term yield premium versus the USD is supporting the GBP rebound.

Trend momentum remains solidly bullish across short, medium, and long-term oscillators, suggesting a push to (and through) the mid-1.28s is still on the cards.

Look for firm support on dips to the low 1.27s intraday. Resistance is 1.2780 but gains should pick up more noticeably above there.

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