GBP amongst weakest of the majors last week - BBH

Analysts at BBH point out that sterling was the weakest of the majors last week, dropped 1.8% to fall to a one-month low below $1.28. 

Key Quotes

“The five and 20-day moving averages are set to cross.   The momentum had been flagging as sterling approached $1.3055, the 38.2% retracement of the sell-off that began with the referendum vote last June (according to Bloomberg, though other sources may have a lower level on the flash crash).  The slowing of the economy and the tightening of the election polls took a toll.  The next target is $1.2725 and then $1.2650.    The technical indicators concur that the downside is the path of least resistance, with a bearish divergence in the RSI and MACDs.”