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- GBP/USD to head toward 1.2850 on a break past 1.2725 – Scotiabank
GBP/USD to head toward 1.2850 on a break past 1.2725 – Scotiabank
GBP/USD extends gains after the Bank of England (BoE) leaves interest rate unchanged. Economists at Scotiabank analyze the pair’s outlook.
Support aligns at 1.2650
The BoE left its key rate unchanged at 5.25%. Markets have pared back BoE easing bets in the wake of the decision and the GBP is extending gains. Governor Bailey said there was ‘some way to go’ on inflation and the vote was split 6-3 in favour of a hold (dissenters favoured a hike).
Spot trends are bullish and enjoy the solid backing of bullish trend strength signals on the intraday, daily and weekly DMI signals.
A push above the late November/early December peaks targets 1.2850.
Support is 1.2650.
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