GBP/USD: Weak point beneath 1.22 to set off a deeper drop to the 1.2075/1.2125 vary – Scotiabank

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Sterling has not escaped the corrective rebound within the USD. Cable may fall to the 1.2075/1.2125 vary on a break below the 1.22 degree, economists at Scotiabank report.

Lack of help at 1.2260 confers a tender look on the GBP outlook within the quick run

“Brief-term stress on the GBP is moderating across the 1.22 line – minor pivot help on the intraday chart. Lack of help at 1.2260 (minor resistance intraday now ) confers a tender look on the GBP outlook within the quick run, nevertheless.”

“Weak point beneath the 1.22 level will tip the stability of dangers in direction of a deeper drop to the 1.2075/1.2125 vary.”