Cable’s gains are holding comfortably in the mid-1.2800s, the highest for the pound since last July. Economists at Scotiabank analyze GBP/USD outlook.
Cable consolidates solid gains through recent range ceiling
Sterling’s gains through the low 1.2800s last week take Cable out of its long-standing trading range and target additional gains to 1.3000+ in the next few weeks, potentially.
Short-term price action looks more consolidative, however, with spot holding well within Friday’s range.
Support is 1.2790/1.2800. Resistance is 1.2880/1.2890.
See – EUR/GBP: Break below 0.8490 can extend the decline towards next projections at 0.8455/0.8440 – SocGen
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