GBP/USD: Losses can quickly extend to the mid-1.20s – Scotiabank

FXStreet Insights Team FXStreet

GBP/USD slumps to mid-1.21s and economists at Scotiabank note that cable could continue falling to as low as the mid-1.20s.

Resistance aligns at the 1.22 area

“The technical picture for sterling points to losses to the 1.21 figure amid its ongoing failure to hold the 1.23 handle on the five occasions it has broken above the figure in the past week – and the quick selloffs that have followed some of these moves.”

“Aside from the daily low of 1.2154, there are no obvious support markers until the 1.2100/10 zone and losses can quickly follow to the mid-1.20s.”

“Resistance is the 1.22 area with the daily high at ~1.2215 and the mid-1.22s subsequently.”

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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