GBP/USD has just lost the 1.18 handle. Thus, economists at Scotiabank see considerable downside risk for cable towards the 1.15 area. 

Resistance seen at 1.1875/85

“The GBP is holding a broad long-lasting bearish trajectory that points to an eventual break under 1.18 with little to hold it up until the 1.15 area as a big psychological trigger with the 2020 low of 1.1412 following.”

“Resistance is 1.1875/85, the 1.19 figure area, and the mid-1.19s.”