GBP/USD: PM May is about to lose another cabinet minister - Scotiabank

Analysts at Scotiabank explained that GBP has not participated in the modest rally against the USD seen elsewhere. 

Key Quotes:

"The BoE Agents’ survey of the regional economy reflected rising wages but weak investment trends.

The GBP’s lack of support largely reflects reports suggesting that PM May is about to lose another cabinet minister following recent coverage of International Development minister Patel’s unauthorized meetings with Israeli officials." 

"Sterling rallied through the upper 1.31 area at the start of the week but looks soft and vulnerable to additional losses with the peak around 1.3175 marked by a bearish formation on the intraday chart (minor double top, targeting a drop back to 1.3050)."

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 securities. 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 Forex 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.