GBP/USD recovers from a dip under 1.25 again, However, economists at Scotiabank expect the pair to head for a firm break under 1.24 in the coming days.

Political uncertainty could further see the GBP weaken in the near-term

“With the Fed set to deliver a hawkish hike today that perhaps even opens the door to a 75bps hike (if necessary), the GBP is at risk of firming its losses to a break under 1.24 this week.”

“Political uncertainty following tomorrow’s local elections (results due through Friday) could further see the GBP weaken in the near-term.”