GBP/USD to head higher toward 1.2525 on a rise above 1.2455 – Scotiabank

Market news

17 November 2023

GBP/USD to head higher toward 1.2525 on a rise above 1.2455 – Scotiabank

The GBP/USD pair is marginally firmer on the day. Economists at Scotiabank analyze the Cable’s outlook.

Directional risks are tilted to the topside

The overall pattern of short-term trade remains constructive and the broader technical setups still suggest directional risks are tilted to the topside.

GBP/USD is effectively consolidating within a bull pennant pattern.

Firm support on GBP dips at 1.2375 this week is keeping the undertone bullish.

Gains through 1.2420/1.2425 should be GBP-supportive.

A rise above 1.2455 targets a move to 1.2525.

USD Index Price Analysis: A deeper pullback is seen below 104.00

EUR/JPY Price Analysis: Interim contention emerges at 158.80

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