GBP/USD: Gains through 1.2850 should help develop stronger technical tone – Scotiabank

Market news

28 July 2023

GBP/USD: Gains through 1.2850 should help develop stronger technical tone – Scotiabank

GBP/USD rebounds tentatively from the 1.28 area. Economists at Scotiabank analyze the pair’s outlook.

Intraday techs are bullish

Bargain hunters appear to be supporting the GBP on dips, with positive yield spreads versus the USD still providing support for GBP sentiment.

Intraday trading patterns reflect firm demand and a bullish, short-term price signal (bull ‘hammer’ pattern) as Cable edged briefly under 1.28 earlier.

GBP gains through 1.2850 should help develop a stronger technical tone in the short run at least.

See: GBP/USD to reach the 1.40 level by end-2024 – Scotiabank

USD/JPY: Key support at 137.46/136.70 to remain a strong floor – Credit Suisse

EUR/USD may see some of Thursday’s sharp losses recovered in the short run – Scotiabank

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