GBP/USD: looking vulnerable, 1.2100 rally rolling over - Scotiabank

Analysts at Scotiabank explained that sterling has stopped rising (and is starting to look a little more vulnerable on some of the key crosses – GBPCAD) after peaking briefly above 1.2550 last week.

Key Quotes:

"Short-term charts suggest the rally from the 1.21 area is rolling over and testing intraday support at 1.2400/05. Below here tips the risk towards negative in the near-term. We remain cautious on the longer-term outlook for the GBP and still rather view the broader risk as being tilted lower while spot remains below long-term resistance at 1.2970."

Brexit all up in the air again; there will be an appeal - BBH