Sell minor rallies in GBP/USD - Scotiabank

Analysts at Scotiabank explained that Sterling looks very soft and vulnerable again on the charts.

EUR/GBP Intermarket: could a correction in U.S. stocks support the cross?

Key Quotes:

"The bargain hunting buying that appeared to give the GBP a lift Friday and yesterday failed to really lift the GBP technically, much as we expected."

"Renewed – and heavy – selling pressure has seen the GBP crash below last week’s series of lows in the 1.2140 area."

"We see little real support for the GBP ahead of a retest of the Jan low at 1.1993 now."

"Sell minor GBP rallies; bear trend momentum is deeply entrenched on the short, medium and longer run charts which will preclude any significant rally in Cable."