#GBPUSD @ 1.20195 : Renewed weakness on a break under minor support at 1.2040 – Scotiabank
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GBP/USD consolidates. Pressure on the low 1.20s may trigger more softness, in the view of economists at Scotiabank.
“Cable price action has been generally consolidative.”
“Modest gains from yesterday’s low are running into better selling pressure near 1.2070/75 and GBP’s price action may be forming a bear flag – implying renewed weakness on a break under minor support at 1.2040.”
See – GBP/USD should continue to find support in the 1.1950/2000 area – ING
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