GBP/USD managed a close above 1.18 on Thursday. Nevertheless, economists at Scotiabank expect cable to drift below the figure towards key support at 1.15.

Bank of England’s policy prospects remain a negative risk

“A more cautious BoE than traders are expecting underpins our expectation for a weaker GBP in the months ahead towards 1.15.”

“Intraday support after the 1.18 zone is 1.1775 and the Thu low of 1.1760.”

“Resistance past 1.18 is 1.1875/85 and the figure area followed by the mid-1.19s.”