#GBPUSD @ 1.21044 risks easing a little more – Scotiabank
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Cable corrected sharp gains from Tuesday earlier in the session. Economists at Scotiabank believe that the GBP/USD pair could see more weakness ahead.
“Intraday patterns look a little soft but not decisively so.”
“The main problem for the GBP is that yesterday’s bounce stalled just below the 55-Day Moving Average (1.2171) which has served as something of a block on gains recently.”
“Failure to progress leaves the GBP vulnerable to more downside probing and a test of key medium-term support around 1.1925 (where the 100 and 200-DMA converge currently).”
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