GBP/USD: Losses to extend toward the low/mid-1.19s below 1.2090 support – Scotiabank

The GBP/USD pair slides to the 1.21 support zone. A break under recent range base support at 1.2090 would open up room for further losses, economists at Scotiabank report.

Resistance aligns at 1.2180

“Short-term trend momentum has picked up bearishly for the GBP and corrective pressure, following the sustained rise from the Sep extreme low, is building.” 

“Near-term downside risk extends to the low/mid 1.19s below support at 1.2090.”

“Resistance is 1.2180.”

See: GBP/USD could return to the 1.15-1.18 range in the new year – ING