GBP/USD: sell minor rallies - Scotiabank

Analysts at Scotiabank noted that cable looks soft.

Key Quotes:

"GBP/USD has weakened for five consecutive sessions and may find some temporary support around the retracement point 1.2265 (50% Fib of the Jan/Feb rally)."

"Trend signals are aligned bearishly across a range of time frames, which should limit upside scope for the GBP to the 1.23 area for now; we expect continue pressure on 1.2265/75 near-term and for the GBP to extend the retracement back to the Jan low (1.1993) in the next few weeks. Sell minor GBP rallies."