The British pound remains weak with the GBP/USD pair trading below the 1.14 level. Economists at Scotiabank expect cable to suffer more losses.
Key resistance not seen until 1.1740/50
“Sterling is soft and continues to pressure minor support (last week’s low) at the 1.1350/55 area.”
“The broader trend lower in cable remains intense and deeply entrenched across multiple timeframes and the lack of obvious support points below the market leave the GBP/USD pair vulnerable to more losses.”
“Key resistance is a distant 1.1740/50.”
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