GBP/USD: steadies after atest below 1.21 area - Scotiabank

Analysts at Scotiabank explained that Sterling has steadied the overnight sell-off after testing the low 1.21 area.

Key Quotes:

"But the shortterm bear trend remains intact and the longer-term technical picture looks very unsteady for the pound."

"We spot resistance intraday at 1.2175/80 and support at 1.2115. We think a daily close below 1.2175 will tip the balance of risk in favour of a renewed push lower to retest 1.1950/55. We favour selling minor GBP rallies from here."