Downside risk for GBP/USD – Scotiabank

FXStreet (Barcelona) - Camilla Sutton CFA, CMT, Chief FX Strategist at Scotiabank, shares that technicals warn for a downside risk in the GBP/USD pair, with the pair currently trading above its 1.5025 low.

Key Quotes

“GBP is soft, but trading above its 1.5025 low from last week. Data releases today were second tier; but Tuesday’s CPI release, expected to fall to 0.7%y/y on headline and core to come in at 1.3%y/y will be the focus for GBP traders as it will feed directly into BoE expectations.”

“GBPUSD short‐term technicals: bearish—studies all warn of downside risk, with support at the recent low of 1.5035.”