GBP/USD gearing towards a retest of last week’s low at 1.0925 – Scotiabank

GBP/USD has declined to weekly lows. In the view of economists, the pair is set to retest last week’s low at 1.0925.

Closing above 1.11 will be positive

“GBP/USD has been flirting with minor trend support (1.1260, now resistance) over the past couple of sessions and weakness below that trend now is yielding some significant declines in the short-term chart.”

“Holding above 1.11 on the close will be positive – but, after a couple of failures in the upper 1.14s, the main risk for the pound appears to a gearing towards a retest of last week’s low at 1.0925.”