GBP/USD: Sustained break above 1.2445 implies upside potential toward 1.30 – Scotiabank

GBP/USD gains accelerate through key resistance at 1.2445. This is a strong bullish signal for the GBP, economists at Scotiabank report.

A major bull move in the Pound is developing

“Gains in the GBP through the mid-1.24 area that has capped the Pound since last year are a bullish technical signal that augurs for more strength ahead.”

“Assuming there is no quick reversal of the breakout, the move implies upside potential in Cable towards 1.30 over the next 3-6 months.” 

“Solid-looking bull trend signals on the short, medium and long-term DMI oscillators lend a lot of credence to the idea that a major bull move in the Pound is developing here.”