GBP/USD: Immediate risk is geared towards a drop back to 1.2500/1.2525 – Scotiabank

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5 February 2024

GBP/USD: Immediate risk is geared towards a drop back to 1.2500/1.2525 – Scotiabank

GBP/USD trades weaker below the 1.2600 range base. Economists at Scotiabank analyze the pair’s outlook.

Negative technical cloud over the Pound

A bearish close for the Pound Sterling (GBP) on Friday (outside range lower) and Cable losses below 1.2600, lows that have held several times since mid-December, cast a negative technical cloud over the GBP/USD pair.

Immediate risk for the Pound is geared towards a drop back to 1.2500/1.2525.

Resistance is 1.2600/1.2610.

See: GBP/USD to trade near the 1.2600/1.2700 region this quarter – ING

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