GBP/USD: Little ahead in terms of resistance until 1.3328 – Scotiabank

Sterling is strengthening further on Thursday. Economists at Scotiabank analyze GBP/USD outlook.

Spreads support firm gains

Cable is strengthening, with the help of solid yield spreads over the USD.

Sterling is trading higher for a sixth, consecutive daily gain and a 2.8% gain over the period. 

GBP/USD is trading well through its 200-Week Moving Average which is support now at 1.2887 and has little ahead of it in terms of resistance until 1.3328 (76.4% retracement of the 2021/22 decline).

See – GBP/USD: Many investors will now be targeting a move to 1.33 assuming a weekly close above 1.30 – ING