GBP's bear flag: watch downsie below 1.4885 - Scotiabank

Shaun Osborne Chief FX Strategist at Scotiabank explained that sterling looks soft but not soft enough, yet, that we would concerned about a sharp slide in the market. 

Key Quotes:

"That is a risk though and short and medium-term charts are all pointing to the same sort of consolidation pattern (bear flag) which is inherently negative. We look for intraday resistance at 1.4250 but would be more bearish on the immediate outlook for the GBP in the event of a drop back under 1.4185/90 near-term."