GBP/USD: Losses should slow nearer the low-1.23s – Scotiabank
|GBP/USD softened after retesting recent peaks in the mid-1.24 zone. Losses should slow nearer the low-1.23s, economists at Scotiabank report.
Cable struggles to get clearly above the 1.2450/60 area
“Cable is clearly struggling to get clearly above the 1.2450/60 area that marks the 61.8% retracement of its 2022 decline.”
“Losses may extend a little below minor trend support at 1.2365 intraday. The broader technical tone here is positive though so losses should slow nearer the low-1.23s.”
“News of a government probe into the Tory party chairman’s tax affairs may be weighing on GBP sentiment at the margin but these sorts of embarrassments are hardly uncommon for this government.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.