GBP/USD: Four days of consecutive losses are showing scant signs of slowing or reversing – Scotiabank

Market news

9 November 2023

GBP/USD: Four days of consecutive losses are showing scant signs of slowing or reversing – Scotiabank

Sterling is a little lower in the session. Economists at Scotiabank analyze GBP outlook.

Cable retains a heavy technical tone

Four days of consecutive losses for the GBP are showing scant signs of slowing or reversing.

The GBP/USD pair retains a heavy technical tone on the intraday chart and bullish trend momentum has faded sharply since the start of the week to sit near neutral.

Support at 1.2245/1.2250, ahead of 1.22, needs to hold. Resistance is 1.2310.

See: Additional GBP downside into year-end – CIBC

USD/CAD: Weakness below 1.3750/1.3760 needed to signal a more definitive short-term peak – Scotiabank

Malaysia: Jobless rate held steady at 3.4% in September – UOB

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