GBP/USD: Regaining 1.2745/50 and a higher net close on the day will be positive – Scotiabank

Market news

4 August 2023

GBP/USD: Regaining 1.2745/50 and a higher net close on the day will be positive – Scotiabank

Sterling is consolidating the gains made from the low 1.26 zone on Thursday. Economists at Scotiabank analyze the pair’s technical outlook.

GBP gains capped at 1.2745, disappointing for bulls

A solid rebound off the intraday low on Thursday is a clear, technical warning signal that recent GBP losses have stalled, with Thursday’s low at 1.2620 now important support.

Intraday price action has turned a little weaker again, with GBP gains capped at 1.2745, which will be disappointing for GBP bulls. Regaining 1.2745/50 and a higher net close on the day will be positive, however.

AUD/USD corrects to near 0.6550 amid caution ahead of US NFP

EUR/USD to develop a little more upside momentum on gains through 1.0955/65 – Scotiabank

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