The GBP/USD pair eeks out marginal gains to a new cycle high. Economists at Scotiabank expect Cable to enjoy further gains.

Support aligns at 1.2475/1.2525

“New cycle highs, however marginal today, keep the broader backdrop for Cable positive.”

“Last week’s firm close through 1.2445/50 remains a key feature of the GBP charts from my point of view and suggest topside pressure continues to develop (towards 1.27/1.28) even if gains remain very slow.”

“GBP/USD support is 1.2475/1.2525.” 

See: GBP/USD could trade up to 1.2650/2750 – ING