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.
More upward pressure on Cable in the short and medium term
“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.”
Source: GBP/USD to push on to the 1.24/1.25 zone in the next few weeks