Cable gains are extending to near 1.23. A sustained move above 1.2380 would clear the way toward 1.25, then a potential move on to the 1.28/30 range, econmomists at Scotiabank report.

Firm and developing momentum under the GBP

“Short-term oscillators indicate firm and developing momentum under the GBP.”

“Consolidation resistance, stemming from the sideways channel that has developed since the turn of the year, stands at 1.2380. A clear move above here targets 1.25 and, potentially, a move on to the 1.28/1.30 range.”