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- GBP/USD to settle into lower range between 1.23/1.25 on sustained weakness below the 1.26 zone – Scotiabank
GBP/USD to settle into lower range between 1.23/1.25 on sustained weakness below the 1.26 zone – Scotiabank
GBP/USD slides on weaker-than-expected PMIs. Economists at Scotiabank analyze the pair’s outlook.
The 1.2620 level is now key support
Weaker-than-expected UK data reflected a slump in services – to 48.7 in August from 51.5 in July. The flash composite index dropped to 47.9 this month, down from 50.8.
The 1.2620 level is now key support (reinforced somewhat by the 100-Day Moving Average (DMA) at 1.2636).
Sustained weakness below the 1.26 zone could shift Cable into a new, lower trading range between 1.23 and 1.25.
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