GBP tests key resistance in low 1.24s – Scotiabank
Source Fxstreet
The Pound Sterling (GBP) is tracking its major currency peers higher against the USD on the session—but is lagging the EUR somewhat, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
PMI data and USD softness push GBP/USD upwards
“UK PMI data was also supportive, however. Services PMI rose to 51.2 in January, ahead of forecasts of 50.8. Manufacturing also improved to 48.2.”
“A nice turn higher is developing on the Cable charts. The weekly reflects a potential bullish ‘morning star’ cancel pattern (assuming a firm close today) while the daily chart shows spot testing major trend resistance (off the late September peak) at 1.2417—which coincides with initial retracement resistance at 1.2415.”
“A firm daily close should see GBP gains extend towards 1.25/1.26.”
Disclaimer: For information purposes only. Past performance is not indicative of future results.
Recommended Articles
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
The cryptocurrency market showed selective altcoin outperformance in 2025, with Bitcoin maintaining a high dominance, suggesting continued investor preference for BTC.
ECB Policy Outlook for 2026: What It Could Mean for the Euro’s Next MoveWith the ECB likely holding rates steady at 2.15% and the Fed potentially extending cuts into 2026, EUR/USD may test 1.20 if Eurozone growth proves resilient, but weaker growth and an ECB pivot could pull the pair back toward 1.13 and potentially 1.10.
With the ECB likely holding rates steady at 2.15% and the Fed potentially extending cuts into 2026, EUR/USD may test 1.20 if Eurozone growth proves resilient, but weaker growth and an ECB pivot could pull the pair back toward 1.13 and potentially 1.10.
My Top 5 Stock Market Predictions for 2026Five 2026 market predictions written in a native, news-style voice: AI’s winners and losers, broader sector leadership, dividend demand, valuation cooling as the Shiller CAPE sits at 39 (Dec. 31, 2025), and quantum-computing bursts—while keeping all original facts and numbers unchanged.
Five 2026 market predictions written in a native, news-style voice: AI’s winners and losers, broader sector leadership, dividend demand, valuation cooling as the Shiller CAPE sits at 39 (Dec. 31, 2025), and quantum-computing bursts—while keeping all original facts and numbers unchanged.
West Texas Intermediate (WTI) oil price loses ground after registering modest gains in the previous day, trading around $93.70 per barrel during the Asian hours on Friday.
Related Instrument
