GBP/USD points to further downside – Scotiabank

Pablo Piovano FXStreet

According to FX Strategists at Scotiabank, Cable’s perspective remains negative in the near term.

Key Quotes

“Cable found support below 1.21 overnight but the gradual deterioration in the overall technical position continues”.

“Loss of support in the 1.2165 area this week confers a heightened sense of bearishness on broader price risks from our point of view”.

“This suggests imminent risks of a return to the early Oct low near 1.1950 (and possibly lower)”.

“Look to fade minor GBP rallies. Trend signals suggest an intensifying bear trend developing across a range of time frames”.

	TREND INDEX	OB/OS INDEX	VOLATILY INDEX
15M	Bullish	Neutral	Expanding
1H	Bullish	Neutral	High
4H	Bearish	Oversold	Shrinking
1D	Bullish	Neutral	Shrinking
1W	Bullish	Neutral	Shrinking
Updated Jan 10, 14:30 GMT

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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