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Analysts at Scotiabank argued that GBP/USD’s short-term technicals are bearish.

Key Quotes:

“Sterling traded bullishly last Thursday (key reversal session) but losses today leave the pound looking vulnerable again, with Cable gains stalling around the 1.33 area yesterday and the market trading decisively lower on the day so far (potential outside range).”

“Intraday resistance stands at 1.3290 and the pound really needs to make to back above 1.3315 to stabilize. That looks a tall order at this point and a push under 1.32 seems the larger risk at this point.”