GBP/USD needs to push on through 1.2710 to strengthen – Scotiabank

GBP/USD is registering a very mild net gain on the day so far, its sixth in succession. Economists at Scotiabank analyze the pair’s outlook.

Cable should remain supported on minor dips

Trend momentum is mildly bullish on the intraday and daily DMI studies, suggesting the GBP/USD pair should remain supported on minor dips. But Cable gains have struggled to extend through 1.2700/1.2710 in the past few sessions. A push firmly above 1.2710 targets a move on to 1.2750/1.2775. 

Support is seen at 1.2650/1.2660.