GBP/USD advances through low 1.29s. Economists at Scotiabank analyze the pair’s technical outlook.

Minor dips remain a buy

Solid gains on the day so far add to the recent strengthening in the GBP bull tone.

There is a clear run ahead though to the 1.33 zone (some resistance may develop around the 1.30 point). 

Trend momentum is solidly bullish across a range of time frames. 

Minor dips remain a buy.

See: GBP/USD looks set to extend to 1.30 in this soft Dollar environment – ING