GBP/USD may struggle to extend gains through the upper 1.2700s/low 1.2800s – Scotiabank

Market news

26 January 2024

GBP/USD may struggle to extend gains through the upper 1.2700s/low 1.2800s – Scotiabank

The GBP/USD pair rebounds within the broader trading range. Economists at Scotiabank analyze cable’s outlook.

Intraday price action looks bullish but momentum remains soft

The Pound Sterling (GBP) is up mildly on the day, having found firm support on intraday weakness below the 1.2700 level.

Intraday price action looks bullish (outside range on the 6-hour chart) but momentum remains soft and the GBP rally may struggle to extend gains through the upper 1.2700s/low 1.2800s on the session.

The broader 1.2600/1.2825 range remains intact.

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