GBP/USD sank to a 37-year trough in the low 1.13s. Economists at Scotiabank expect the pair to suffer further losses.

Resistance aligns at 1.1350/75

“New cycle lows and a weak – so far – rebound which is struggling to regain the mid-1.13s leave the pound looking vulnerable to more losses in the short run.” 

“We spot resistance at 1.1350/75 and 1.1450/60.”

“Support is 1.1300/10, then the big figures below.”

“Foreign investors have been moving out of Gilts in recent months and may require more attractive yields before returning.”