GBP/USD: A sustained push above the late December peak at 1.2825 is needed to secure more gains – Scotiabank

The Pound Sterling (GBP) is trading on a relatively firm footing. Economists at Scotiabank analyze Cable’s outlook.

Price signals are bullish on the daily chart and lean bullish on the weekly chart

Price signals are bullish on the daily chart (bullish outside range day Thursday) and lean bullish on the weekly chart, with the GBP attracting consistent support on dips under 1.2700 in the past month. 

A sustained push above the late December peak at 1.2825 is needed to secure more gains, however. A clear move higher should put Cable on track to rally to 1.3000/1.3050. 

Intraday support is 1.2720/1.2740.