GBP/USD to rally toward 1.3020 on a break above 1.2820 – Scotiabank

GBP/USD holds in high 1.27s. Economists at Scotiabank analyze the pair’s technical outlook.

More sideways range trading on failure to push on through the low 1.28s 

Sterling continues to grind higher. The market’s objective has to be a clear push through 1.2820, the high from August 10 and a 1.2620 double bottom trigger. A break above here targets a measured move rally to 1.3020. 

Failure to push on through the low 1.28s in the next few days may see the GBP slip back into more, sideways range trading, however.