GBP/USD trades weaker below the 1.2600 range base. Economists at Scotiabank analyze the pair’s outlook.
Negative technical cloud over the Pound
A bearish close for the Pound Sterling (GBP) on Friday (outside range lower) and Cable losses below 1.2600, lows that have held several times since mid-December, cast a negative technical cloud over the GBP/USD pair.
Immediate risk for the Pound is geared towards a drop back to 1.2500/1.2525.
Resistance is 1.2600/1.2610.
See: GBP/USD to trade near the 1.2600/1.2700 region this quarter – ING
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