GBP/USD drifts after solid gains last week. Economists at Scotiabank analyze the pair’s outlook.
More corrective losses may be in order in the short run
The GBP/USD pair has traded positively overall over the past week but losses from last week’s high of 1.2794 are extending today and further corrective losses are likely in the short term.
Cable should find support on dips to the 1.2600/1.2620 area, however, with short, medium and long-term trend signals still aligned bullishly despite losses since Friday’s peak.
