GBP/USD reached a new low since late 2020 this morning under 1.30 before meekly climbing back above the figure. Economists at Scotiabank expect cable to extend its slide towards 1.29 on failure to hold above the daily low of 1.2974.

Resistance aligns at 1.3025

“A firmer drop under 1.30 and the daily low of 1.2974 leaves little in terms of support until the next big figure and the mid-1.28.”

“Resistance is ~1.3025 and the mid-1.30s.”