GBPUSD: Clear path towards the 1.20/1.21 range in the near term – Scotiabank

Sterling is one of the better performers today. Economists at Scotiabank note that the GBPUSD pair could climb as high as 1.20/21.

Technical tone is very constructive

“Sterling’s extension to new cycle highs keeps the technical tone here very constructive as well.” 

“Now, gains through key technical resistance in the upper 1.17 zone mean there is little – technically, at least – in the way of a further rise to the 1.20/1.21 range in the near term.”

“Key support now is seen at 1.1765/75.”