The GBP/USD softened after retesting recent highs at 1.2450. Losses should slow below 1.2350. As reported Scotiabank economists.
The pound is struggling to clearly break above the 1.2450/60 zone
“Cable is clearly struggling to break above the 1.2450/60 zone which signals the 61.8% retracement of its 2022 drop.”
“Losses may extend a bit below minor trending support at 1.2365 intraday. However, the broader technical tone here is positive so losses should stop below 1.2350.”
“News of a government inquiry into the Conservative party chairman’s fiscal affairs may be weighing on sterling sentiment on the sidelines, but such embarrassments are not uncommon for this government.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
