• Pound lost more than 200 pips in a single week, its largest decline since June 2021
• Factors weighing on the pair are geopolitics, markets scaling back rate hike expectations from the BOE and a gloomy economic outlook for the months ahead
• Descending channel on the weekly chart points to further declines though we might see some correction as we are approaching the lower bound support
• Bears should watch for the 1.2680 level, strong support
• Factors weighing on the pair are geopolitics, markets scaling back rate hike expectations from the BOE and a gloomy economic outlook for the months ahead
• Descending channel on the weekly chart points to further declines though we might see some correction as we are approaching the lower bound support
• Bears should watch for the 1.2680 level, strong support
Ramzi Abou Abdallah, CFTe, CMT
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