He GBP/USD it is consolidating in the 1.25 area. The economists of Scotiabank they expect the pair to continue advancing.
Short-term price patterns are slightly bullish
“The fact that GBP/USD is trading in the 12.5 zone is still positive for the pound as it has had a very difficult time extending its gains to the 1.24 zone this year.”
“Short-term price patterns are slightly bullish given spot’s continued uptrend since mid-April test and rejection of key support at 1.2350/60.”
“Friday’s drop from the intraday high is a pullback from a technical standpoint, but trend momentum remains up and losses should remain limited.”
“Further cycle highs would be bullish and reaffirm the potential for gains to extend to 1.27/1.28.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
