- GBP/USD: Weakness could extend to the mid/upper 1.25s on loss of support at 1.2630 – Scotiabank
Market news
20 December 2023
GBP/USD: Weakness could extend to the mid/upper 1.25s on loss of support at 1.2630 – Scotiabank
GBP/USD is the big mover today, trading lower near 1.2650. Economists at Scotiabank analyze the pair’s outlook.
Return to the mid-1.27s likely on a break past 1.2680
Short-term price signals suggest some loss of momentum for Cable today although spot is holding a consolidation range, with longer-term signals still positively aligned for the Pound.
Intraday support is 1.2650 and 1.2630. Loss of support through the latter point could see weakness extend to the mid/upper 1.25s.
Resistance is 1.2680, with the return to the mid-1.27s likely above there.
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