GBP/USD eyes a move toward 1.3650 as technical indicators turn bullish, with traders awaiting key UK inflation and labor market data releases.
Scotiabank strategists highlight a strong bullish weekly reversal for GBP/USD, indicating potential upward momentum as the pair recovers from the lower end of its recent sideways range. The pair is currently positioned to test initial resistance at the 200-day moving average of 1.3435, with further upside potential targeting the 1.3650/75 range, contingent on upcoming UK economic data and fiscal policy announcements.
The initial resistance is located near the 200-day moving average at 1.3435.
The pair has scope to retest the 1.3650/75 level.
The British Pound shows renewed momentum following a strong weekly reversal from the lower end of its recent trading range. Scotiabank strategists now eye a retest of the 1.3650 level as markets brace for critical UK labor data and upcoming budget announcements.
Scotiabank strategists identify a bullish weekly reversal with potential to retest the 1.3650/75 range, provided it clears initial resistance at 1.3435.
The currency is reacting to technical signals while awaiting upcoming UK labor market reports, CPI data, and the government's fiscal budget.