GBP/USD set to reach the 1.2165/70 area – Scotiabank GBPUSD Banks
Sterling is a notable out-performer on the day, following better-than-expected UK data. Economists at Scotiabank believe that the“A surprise monthly budget surplus added to the lift for the GBP as it casts government finances in a generally more favourable light for the fiscal year overall ahead of next month’s budget. The Chancellor might use some of that unexpected cash to ease the domestic cost of living crunch.
“The GBP has found support against the 200-DMA over the past two weeks and intraday gains through the 1.21 area are bullish from a short-term point of view, setting Cable up for a test of 1.2165/70.” Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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