GBP/USD: Key resistance in sight – Scotiabank
|The Pound Sterling (GBP) is a moderate outperformer on the session, gaining a little over 0.5% on the softer US Dollar (USD), Scotiabank’s Chief FX Strategist Shaun Osborne notes.
GBP extends gains through the low 1.27s
“That can perhaps be attributed more to positioning and technicals than fundamental developments. The only data of note released today was a slightly better-than-forecast Construction PMI for November (55.2). BoE MPC member Greene is speaking later in the session.”
“Officials have been consistent on their outlook for policy, suggesting cautious cuts at a pace of one per quarter is the base case for 2025—a little more dovish than markets are currently pricing.”
“Grinding gains for the pound this week leave cable trading comfortably above 1.27. The short-term pattern of trade that has developed over the past month suggests a potential inverse Head & Shoulders which may trigger a further GBP rise (towards 1.30) on a move above the 1.2770 neckline trigger. Support is 1.2655.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.