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Analysts at Scotiabank explained that their outlook for GBP/USD is neutral/bearish.

Key Quotes:

“GBP/USD peaked in the upper 1.31s yesterday and has drifted steadily lower

since,  with selling through the London session picking up a little more momentum. “

“There is some support emerging around the 1.3095/05, however, which may help steady the pound in the mid 1.31s but we think risks are tilting towards the GBP giving back a little more of this week’s modest bounce towards 1.2990/00.”