GBP/USD consolidates 10-day rally – Scotiabank

FXStreetApr 22, 2025 1:30 PM

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Pound Sterling (GBP) is entering Tuesday’s American session flat against the US Dollar (USD) and showing signs of exhaustion following an astounding 10-session rally that culminated in Monday’s surge through 1.34, Scotiabank's Chief FX Strategist Shaun Osborne notes.

BoE sees tariffs as disinflationary

"There have been no domestic releases and comments from the BoE’s Greene highlighted the disinflationary risks posed by US tariffs. Wednesday’s PMI’s are expected to show softening services growth and continued contraction in manufacturing."

"GBP/USD looks to be taking a pause following its impressive 10-session rally from 1.2700. Momentum is overbought with an RSI at 71 and the latest couple of candles are showing extended upper shadows, hinting to exhaustion. We see near-term resistance in the lower 1.34s and look to support in the upper 1.32s."

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