#GBPUSD @ 1.21840 to push on to the 1.24/1.25 zone in the next few weeks – Scotiabank
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GBP/USD extends gains through the mid-1.21 area. Economists at Scotiabank expect the pair to test the 1.24/25 area in the next few weeks.
“Marginal new highs for the GBP through 1.2150 suggest more upward pressure on Cable in the short and medium term.”
“GBP/USD is breaking out bullishly from a downward sloping channel (bull flag) that has developed over the past week, implying the resumption of short-term trend gains, while sustained strength through 1.2060 on the week (50% retracement of the 2022 decline) pave the way for the pair to push on to the 1.24/1.25 zone (61.8% Fib at 1.2458) in the next few weeks.”
“Support is 1.2055/60 intraday.”
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