GBP/USD to retest the 1.2450/60 zone and extend towards 1.26/1.27 – Scotiabank

Cable remains firmafter having reached a fresh multi-month high of 1.2443 on Tuesday. Economists at Scotiabank expect the GBP/USD pair to attack the 1.2450/60 area.

GBP/USD appears to be consolidating

“Cable is well-supported against rising, short-term trend support off the early Nov low at 1.2320 intraday.”

“The GBP appears to be consolidating ahead of another push higher to retest the 1.2450/60 zone (61.8% of the 2022 decline) and extend towards 1.26/1.27.”

See: GBP/USD could test 1.25 on a negative Dollar reaction to the FOMC decision – ING