Weekly price action is soft but not bearish for the Pound – Scotiabank

GBP/USD holds flat range. Economists at Scotiabank analyze the pair’s outlook.

Cable retains some positive momentum above 1.26

Trading patterns in GBP/USD look a little more neutral than other USD pairs.

Weekly price action is soft but not obviously bearish for the GBP at this point.

Trend signals are leaning GBP-bullish on the short, medium and long-term DMI oscillators still at this point which gives the GBP some protection from the generally stronger USD tone that has developed over the turn of the year.

Key support is 1.2600/1.2605.

Source: https://www.fxstreet.com/news/gbp-usd-weekly-price-action-is-soft-but-not-bearish-for-the-pound-scotiabank-202401081257