GBP/USD: Potential to test the mid-1.27s – Scotiabank

Market news

19 December 2023

GBP/USD: Potential to test the mid-1.27s – Scotiabank

GBP/USD rebounds to 1.27. Economists at Scotiabank analyze the pair’s outlook.

Gains through 1.28 would be a bullish cue for the GBP rally to resume towards 1.29/1.30

The dip in the GBP Friday extended Monday but steadied in the mid-1.26s to keep the intraday DMI bullish.

Daily and weekly oscillators remain bullishly aligned for the GBP. Minor gains above 1.2705 are lifting the intraday tone a little and suggest potential for spot to test the mid-1.27s.

Gains through 1.28 (new cycle highs) would be a bullish cue for the GBP rally to resume towards 1.29/1.30.

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