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Forex

GBP/USD Range Trade Shows Upside Potential

Guavy AI Editorial Team
Instruments
USD GBP
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The British Pound continues to trade within a range against the US Dollar, according to Scotiabank's Global FX Strategy team. The GBP/USD is currently pivoting around its long-term moving averages near 1.34.

Last week saw a solid rise in Cable, and trend oscillators are hinting at upside potential for the pound. However, short-term technicals are described as neutral to bullish, with support identified around 1.3390/1.3400.

Gains through the low 1.35 zone could allow spot to retest its recent peak around 1.3555/60.

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