GBP/USD: The 1.28 level stands as the next clear target – Scotiabank

GBP/USD crashes through 1.30 and 1.29. Economists at Scotiabank expect cable to extend its slump towards the 1.28 level.

Psychological resistance stands at the mid -1.29s

“The pound’s multiple tests of 1.30 finally managed to break under the figure today and the 1.28 level now stands as the next clear target in its negative trend extending back to last summer.”

“The intraday low of 1.2862 is support after the 1.29 area.”

“Psychological resistance stands at the mid -1.29s followed by the 1.30 zone.”