GBP/USD: At risk of dipping back to the mid-1.11s – Scotiabank

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