GBP/USD remains a very bearish outlook - Scotiabank

Analysts at Scotiabank explained that sterling remains a very bearish technical set up from our perspective.

Key Quotes:

"Cable is consolidating the sharp “flash crash” losses from earlier in the month but the fact that the market has not been able to recover more obviously leaves the GBP vulnerable to a renewed test of the 1.18 area.

Trend momentum is bearish across a range of timeframes. We spot firm resistance at 1.2255/65."