GBP/USD to slide towards the 1.1710/00 area in the coming days – Scotiabank

There is nothing in terms of good news for the UK or the GBP. Economists at Scotiabank expect the GBP/USD to slump towards the 1.17100/00 region.

Prospects for sterling remain very dim

“Prospects for sterling remain very dim but a lot of bad news may already be priced into the GBP outlook – which might be the best we can say about the pound for now.” 

“A drop to the 1.17000/10 is the least we can expect from the GBP in the coming days.”

“Resistance is 1.1840 and 1.1925/30.”

“Key resistance – and safe ground for the GBP – is 1.2005 (double top trigger) but that looks too distant to be relevant from a short-term point of view.”