GBP/USD: Cap around 1.22 suggests downside risk – Scotiabank

GBP/USD is slightly softer. Economists at Scotiabank expect the pair to challenge the 1.2000/05 zone.

Cable tracking a slightly softer course on the charts

“Net losses yesterday and firm resistance around the 1.22 zone leave the GBP tracking a slightly softer course on the charts today.”

“Intraday gains have been capped around 1.21 (minor resistance now) and a retest of the 1.2000/05 zone (50% retracement of the March rally) may develop from here.”

See: EUR/GBP can push back above 0.8800 if the ECB hikes 50 bps without unnerving banking stocks – ING

Mar 16, 2023

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