GBP/USD to retest key support at 1.2600 on a break below 1.2660/1.2665 – Scotiabank

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30 January 2024

GBP/USD to retest key support at 1.2600 on a break below 1.2660/1.2665 – Scotiabank

GBP/USD remains broadly rangebound. Economists at Scotiabank analyze Cable’s outlook.

The 1.2600/1.2825 range may endure for now

The GBP is trading with a softer undertone intraday after peaking around 1.2720 twice in the past 24 hours.

Short-term trend oscillators are bearish which may help drive spot to test support at 1.2660/1.2665. A break below here should see Cable retest the broader range low and key support at 1.2600.

Very weak longer run trend studies suggest the 1.2600/1.2825 range may endure for now, however.

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