GBP/USD: still bearish longer-term - Scotiabank

Analysts at Scotiabank noted that Sterling is in a bit of a dead spot on the short-term charts.

Key Quotes:

"Neither obviously bearish nor particularly bullish."

"The recent rebound in the pound does appear to have stalled, however, and we remain GBP-bears from a longer-term perspective.?

"Intraday support at 1.2255/60 – tested a handful of times this week – looks key from here; if Cable can hold on today, we may see another push to the low 1.23s. Our sense is that the risks are tilting lower again and loss of support in the mid 1.22s would be a big strike against the GBP."