GBP/USD: Four days of consecutive losses are showing scant signs of slowing or reversing – Scotiabank

Sterling is a little lower in the session. Economists at Scotiabank analyze GBP outlook.

Cable retains a heavy technical tone

Four days of consecutive losses for the GBP are showing scant signs of slowing or reversing. 

The GBP/USD pair retains a heavy technical tone on the intraday chart and bullish trend momentum has faded sharply since the start of the week to sit near neutral. 

Support at 1.2245/1.2250, ahead of 1.22, needs to hold. Resistance is 1.2310.

See: Additional GBP downside into year-end – CIBC