GBP/USD is consolidating the solid gains recorded over the past two days, trading steadily around the 1.3470 area throughout Thursday's Asian session.

The pair is benefiting from a US Dollar (USD) hovering near seven-week lows, driven by diplomatic de-escalation in the Gulf and cooling speculation regarding aggressive Federal Reserve tightening.

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✅ Scotiabank Outlook & Transatlantic Economic Context
The international currency strategy team offers a positive assessment of Sterling's price action:

- Scotiabank Analysis: Strategists at Scotiabank’s Global FX Strategy team highlight that "Cable's" solid rise indicates continued upside potential. Scotiabank characterizes short-term technical indicators as neutral-to-softly positive, with trend oscillators suggesting room for strengthening, provided immediate support levels hold.

- Today's Catalysts: The trading agenda features the UK Construction PMI (15:30 WIB) and the routine US Initial Jobless Claims data (19:30 WIB), ahead of the volatility peak expected with tomorrow's official US Nonfarm Payrolls (NFP) report.

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✅ 4-Hour (H4) Technical Analysis
From a technical perspective on the 4-hour (H4) chart, GBP/USD is establishing a bullish consolidation pattern above dynamic support levels:

- Oscillator & Trend Signals: Confirming Scotiabank's view, daily momentum indicators show trend oscillators leaning bullish. Price stability above the 1.3420 area confirms that buyers have successfully maintained short-term control.

- Breakout Scenario: A clean break above the psychological 1.3500 level will confirm a bullish continuation toward the next target at the July high in the 1.3550 range.