GBP/USD: limited scopes for the upside - Scotiabank

Analysts at Scotiabank offered a technical analysis on GBP/USD.

Key Quotes:

"Cable has steadied in the short run but the bear trend remains deeply entrenched and we see limited scope for GBP gains near-term.

Intraday gains have struggled to extend through 1.23 and we see strong intraday resistance at 1.2325/30.

We expect GBP to retest the lows. There is no indication that this trend has run its course at the moment."