The GBP is the main underperformer among the G10 currencies. Economists at Scotiabank analyze Sterling’s outlook.

GBP support is 1.2435

Cable is slightly softer on the day but holding within recent the trading range. 

GBP gains have been blocked above 1.25 over the past 24 hours. 

The recent range lows – which should be firm support – at 1.2435 (coincides with the 200-Day Moving Average) are within easy reach from here, however