GBP/USD set to head back to the 1.20 zone – Scotiabank | The Markets Café
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Home Forex

GBP/USD set to head back to the 1.20 zone – Scotiabank

by Press Room
August 13, 2022
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Intraday losses in the GBP suggest the mid-week gains in cable have peaked. Economists at Scotiabank expect the GBP/USD pair to return toward the 1.20 area.

Key support seen at 1.2080 in the short run

“The energy crunch and cost-of-living crisis suggest significant economic headwinds lie ahead for the UK economy and that will restrain the GBP’s ability to advance against a softer USD.”

“The top of the range this week coincided with a test of key resistance at 1.2275 and failure here suggests cable risks heading back to the 1.20 zone.”

“We spot key support at 1.2080 in the short run.”

 

Read the full article here

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