GBP/USD skids below the 1.2700 level. Economists at Scotiabank analyze the pair’s technical outlook.
Sterling looks soft on the charts and is prone to more losses.
Weakness below major trend support – now resistance – at 1.2855 suggests a softer phase of price action is developing.
Support is 1.2600/05 and 1.2575/80 (100-Day Moving Average at 1.2579).
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