GBP/USD: More consolidation in the short run looks likely – Scotiabank

Shaun Osborne, Chief FX Strategist at Scotiabank, analyzes GBP/USD technical outlook.

Pullbacks to the 1.29/1.30 range likely to be well-supported

The Pound’s powerful rally has stalled against resistance at 1.3145 (tested four times in the past 24 hours). This does not appear to be a major technical point for Cable, according to my read of the charts, however. In fact, there is little – obvious – resistance to GBP gains extending until the 1.33 area at this point. 

Some consolidation in this week’s strong GBP gains should perhaps be expected in the short run. 

Pullbacks to the 1.29/1.30 range are likely to be well-supported.