GBP/USD: Truly awful long-term chart suggests a move to and possibly below parity – Citi

The long-term chart of the GBP/USD pair looks truly awful, in the view of economists at Citi. Cable could even nosedive to and below parity.

Monthly close below 1.1760 materially bearish

"The long-term GBP/USD chart now truly looks awful. One can view it as a major double top forming as a continuation that suggests a move to and possibly below parity.” 

“There is no material support now (outside of the March 2020 spike low just above 1.14) until the major lows posted in 1985 at 1.0520.”

"A close this month, if seen, below 1.1760 will be a bearish outside month as a continuation.”