GBP weakness extends. Economists at Scotiabank analyze Cable’s outlook.
More downside risk for Sterling
New cycle lows for GBP and strongly aligned bear signals on short, medium and long-term trend strength oscillators imply worse risks for Sterling.
Loss of support in the 1.24 zone targets additional losses to 1.21/1.22.
Resistance is 1.2350.
See:
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Prospects for Sterling remain subdued – Commerzbank
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If EUR/USD trades down to 1.05, GBP/USD could be trading near 1.21 – ING
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The Pound is still vulnerable to further near-term weakness – MUFG
