GBP/USD: Charts tilt a bit more bullish – Scotiabank

Market news

9 February 2024

GBP/USD: Charts tilt a bit more bullish – Scotiabank

GBP/USD continues to pivot around 1.2600. Economists at Scotiabank analyze the pair’s outlook.

Medium-term support at 1.2500/1.2520 looks solid

Short-term price action looks a little soft but the weekly pattern of trade is shaping up a little more constructively for the Pound Sterling (GBP), with a solid rebound from the early week low putting a potential bull ‘hammer’ signal on the weekly chart (contingent on a high close for the GBP today).

Medium-term support at 1.2500/1.2520 looks solid now. Intraday support is 1.2575.

Resistance is 1.2640.

USD/CAD could have a run at last week’s low around 1.3360 – Scotiabank

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