GBP/USD weakens as it fades an uptick above 1.1400. Economists at Scotiabank expect the pair to slump to the mid-1.11s on failure to hold support in the upper 1.12s.
Resistance aligns at the 1.1340/50 area
“Intraday support in the upper 1.12s is coming under pressure. Below here, cable risks dipping back to the mid-1.11s.”
“Resistance is 1.1340/50 and then 1.1450/60.”
“Political and economic risks for the GBP remain elevated.”
See – GBP/USD: 1.15 is not realistic without a further round of dollar selling – SocGen
This article was originally published by Fxstreet.com. Read the original article here.