GBP/USD: A break below 1.24 could have important downward repurcussions on the pound (Maybank)

Maybank notes that the GBP/USD is folding back down on the forex following announcements regarding a tentative Scottish independence referendum.

"The GBP/USD reversed its gains and turned back down in reaction to the Times' announcements regarding the Scottish referendum.

The GBP/USD recorded a low below the threshold of 1.24 at 1.2392. Daily momentum shows bearish signals. Key support is at 1.24 (Moving average of 50 and 100 days). A decisive break below this threshold would pave the way towards 1.22 and 1.20. The first resistance level is at 1.2510."