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- GBP/USD: Losses could extend back to the low/mid 1.2500s again – Scotiabank
GBP/USD: Losses could extend back to the low/mid 1.2500s again – Scotiabank
GBP/USD drops back to 1.2600. Economists at Scotiabank analyze the pair’s outlook.
Move higher has stalled in the short run
Sterling has struggled to exploit regaining 1.2600 – formerly strong support – this week.
Trend signals have retained a bearish undertone on the intraday and daily studies through the GBP’s mini-rebound this week, underscoring a soft undertone for the Pound after losing key support.
Short-term price signals do suggest the move higher has stalled in the short run. Weakness through 1.2600 may see losses extend back to the low/mid 1.2500s again.
Resistance is 1.2640/1.2650.
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