GBP/USD: Little in terms of clear support ahead of 2020 low at 1.1415 – Scotiabank

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The GBP/USD has plummeted to 1.15. Scotiabank economists they expect the pair to remain under significant downward pressure.

Price action is weak and unforgiving

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Against the gloomy domestic backdrop, defined by rising energy costs and the cost-of-living crisis weighing on economic activity and prospects, further volatility in equity markets can only mean further pressure. on the GBP broadly.”

“We are trading close to our year-end forecast of 1.15 and there are no clear reasons at this point to expect a significant improvement in the outlook.”

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“Price action is weak and unrelenting; trend oscillators line up sterling bearish across short, medium and long-term IMDs, and there is little in terms of clear support for sterling ahead of the bottom.” from the 2020 peak at 1.1415.”

Source: Fx Street

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