#GBPUSD @ 1.23283 still looks vulnerable to short-term pressure and a push under 1.23 – Scotiabank

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GBP/USD is dithering around the 1.23 support zone. Economists at Scotiabank expect the pair to suffer losses in the near term.

“The breakdown below the 1.23 noted support point extended briefly yesterday before the market recovered, giving the sense of a ‘false break’. The market has not been eager to give the Pound a big enough lift that would suggest a recovery was in store, however.”

“Risks still seem tilted towards a drop in the Pound to 1.22 before it can retest key resistance at 1.2450 again.”

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