#GBPUSD @ 1.20470 : Cap around 1.22 suggests downside risk – Scotiabank
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GBP/USD is slightly softer. Economists at Scotiabank expect the pair to challenge the 1.2000/05 zone.
“Net losses yesterday and firm resistance around the 1.22 zone leave the GBP tracking a slightly softer course on the charts today.”
“Intraday gains have been capped around 1.21 (minor resistance now) and a retest of the 1.2000/05 zone (50% retracement of the March rally) may develop from here.”
See: EUR/GBP can push back above 0.8800 if the ECB hikes 50 bps without unnerving banking stocks – ING
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