Bull trend looks poised to extend – Scotiabank

GBP/USD extends its recovery on Friday. Economists at Scotiabank analyze the pair’s outlook.

Cable threatens bull breakout

The GBP’s bull trend looks poised to extend.

Trend oscillators are aligned bullishly for the GBP and price action is closing on a bull flag breakout trigger (1.2755) which has developed around the past week’s consolidation.

Spot gains through the mid-1.27s would imply potential for the Pound to retest 1.30+ levels in the next few weeks.

Intraday support is 1.2690.

See: GBP/USD to push lower to 1.23 on a one-to-three-month view – Rabobank