The GBP/USD pair remains on a clear downward trend. Economists at Scotiabank believe that the cable could nosedive as low as the 1.25 level.

GBP/USD may see a consolidation phase around the key 1.30 level

“Cable aims for a break under 1.30. Sterling faces no clear support until the mid-1.28s that marked the lows of Oct/Nov of 2020, with losses possibly mounting quickly toward 1.25.”

“The pound is back in oversold territory which may trigger a consolidation period around the key 1.30 figure level, while upward movement faces resistance at ~1.3050 followed by the 1.31 zone and ~1.3130.”