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GBP/USD's bearish outlook - Scotiabank

FXStreet (Guatemala) - Eric Theoret, CFA, CMT FX Strategist at Scotiabank explained that GBP/USD short-term technicals are bearish.

Key Quotes:

"Momentum remains bearish, the 9 day MA continues to decline below the 21 day MA, and the ADX hints to a strengthening in the bearish trend.

Tuesday’s low marked the weakest level since early May, and we remain focused on the potential for decline toward 1.5087 the 61.8% Fibo retracement level of the April-June rally. Resistance is expected at the 50% retracement around 1.5250"

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