The GBP has drifted fractionally lower. Economists at Scotiabank analyze Cable’s outlook.Near-term risks tilted lower
Sterling peaked just below 1.2290 earlier and, like the EUR, spot losses from the intraday high have been quite significant from a short-term technical point of view. The 1 and 6-hour charts reflect bearish reversal signals which tilt near-term risks lower. Cable support may emerge around 1.2200/1.2220, however, where Sterling gains stalled last week. Firmer support may develop nearer 1.2150.
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