The GBP/USD pair is marginally firmer on the day. Economists at Scotiabank analyze the Cable’s outlook.
Directional risks are tilted to the topside
The overall pattern of short-term trade remains constructive and the broader technical setups still suggest directional risks are tilted to the topside.
GBP/USD is effectively consolidating within a bull pennant pattern.
Firm support on GBP dips at 1.2375 this week is keeping the undertone bullish.
Gains through 1.2420/1.2425 should be GBP-supportive.
A rise above 1.2455 targets a move to 1.2525.
Source: https://www.fxstreet.com/news/gbp-usd-to-head-higher-toward-12525-on-a-rise-above-12455-scotiabank-202311171422