#GBPUSD @ 1.23079 : Losses could expand to 1.22 over the next week or so – Scotiabank
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GBP/USD drops to 1.23. The pair could extend its fall to the 1.22 level, economists at Scotiabank report.
“Intraday weakness in the GBP below support at 1.2315 leaves the Pound exposed to more weakness – unless it can quickly stabilize and strengthen.”
“After two tests of 1.2430/35 over the past week, a sustained break under 1.2315 triggers a mini-double top on the intraday chart which would imply more GBP losses to 1.22 over the next week or so.”
“Fiscal policy – and foreign investor participation in the UK Gilts market – remains a potential weakness in the GBP outlook.”
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