GBP/USD set to drop towards 1.2250 – Scotiabank

GBP/USD was capped at 1.2450 yesterday. The pair could dip to the mid-1.22s in the next 1 -2 days, in the view of economists at Scotiabank.

Intraday price signals are tilting bearish

“Intraday price signals are tilting bearish, with the GBP/USD pair capped at 1.2450 late yesterday for a second time this week.”

“The technical pointers clearly suggest developing downside risk towards 1.2550 at least in the next 1 -2 trading sessions.”

See – GBP/USD: Beyond 1.2450, next hurdles are located at 1.2610 and 1.2750 – SocGen