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Pound gains versus dollar as UK data lifts sentiment

Scotiabank points to UK Q2 GDP and production figures as key drivers, with GBP/USD support seen near 1.3400 and a near-term range of 1.3480 to 1.3580.

Reported · Written up by our desk · Major Pairs

Scotiabank strategists Shaun Osborne and Eric Theoret said the British pound is posting fractional gains versus the US dollar and outperforming G10 peers as improving sentiment supports price action.

They highlighted Thursday’s UK data, including Q2 GDP and production figures, as the key focus, and noted short-term technicals are bullish with RSI at fresh highs.

The pair’s upside targets were outlined in the mid-1.35s to mid-1.36s, while Scotiabank expects support near 1.3400 and a near-term range bound between 1.3480 and 1.3580.

The view was presented alongside commentary that GBP/USD has been consolidating after earlier advances toward the 1.3550 area.

Latest closeGBP/USD 1.351 ▲0.1%

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