GBP/USD targets additional losses to 1.21/1.22 – Scotiabank

GBP weakness extends. Economists at Scotiabank analyze Cable’s outlook.

More downside risk for Sterling

New cycle lows for the GBP and strongly aligned bear signals on the short, medium and long-term trend strength oscillator imply more downside risk for Sterling. 

Loss of support in the 1.24 zone targets additional losses to 1.21/1.22. 

Resistance is 1.2350.

See: 

• Prospects for Sterling remain subdued – Commerzbank

• If EUR/USD trades down to 1.05, GBP/USD could be trading near 1.21 – ING

• The Pound is still vulnerable to further near-term weakness – MUFG