GBP/USD extends gains. Economists at Scotiabank expect the pair to retain a positive undertone.

Ongoing pressure for more GBP strength

“Recall that the Pound managed to close above 1.2445 on a weekly basis last week – a level that had clearly restrained gains in this move up – to give the bull move a little more impetus and put 1.27/1.28 on the radar.”

“Intraday support is 1.2580, with firmer support now at 1.2540/50.”

“Solid trend momentum signals suggest firm support on minor dips and ongoing pressure for more GBP strength.”