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Analysts at Scotiabank argue that te GBP/USD short-term technicals are bearish.

Key Quotes:

“Sterling’s slide below 1.30 maintains focus on broader retracement risks and the potential to test retracement support at 1.2810 (61.8% Fibonacci support of the 2016/2018 rally from 1.18/1.44) in the next few weeks.”

“We spot resistance at 1.3078 (100-week MA) but feel that the pound may well struggle to regain the low/mid 1.3000s now.”