GBP/USD traded last week at the lowest since May 2020 near 1.2155. A break below that month’s low at 1.2075 would open up substantial losses toward the 1.1410 mark, economists at BBH report.

Bleak economic outlook to weigh on sterling

“With the economy sliding into recession and the BoE sending mixed messages, sterling should continue to weaken.”

“We continue to target May 2020 low near 1.2075. If that level breaks, then we would target the March 2020 low near 1.1410.”