GBP/USD remains at risk of testing 1.20 – Scotiabank

FXStreet Insights Team FXStreet

Cable is following its peers higher. However, economists at Scotiabank expect the GBP/USD pair to test the 1.20 level.

Limited upside potential for the GBP pound

“The pound remains at risk of testing 1.20 and losses from there mounting to a new low since 2020.”

“The GBP’s sharp rejection of the 1.22 area (high 1.21s) on Thursday that then saw it slide on Friday signals limited upside potential for the GBP.”

“Resistance is ~1.2150/65 followed by the Thursday high of 1.2189 and the big figure area generally.”

“Support is 1.2085 after the big figure, followed by the mid-1.20s.”

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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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