GBP/USD losing ground with Brexit concerns - Scotiabank

Analysts at Scotiabank noted that GBP is weak, hitting a fresh two-week low.

Key Quotes:

"Headline risk is elevated as market participants maintain their focus on Brexit. The Article 50 bill is set to remain in the House of Commons through Wednesday. Fundamental releases are limited ahead of Friday’s trade and industrial production figures. 

GBP/USD short-term technicals: bearish—momentum signals are bearish, DMI’s appear poised to provide confirmation, and nearterm support appears limited ahead of the mid-1.22s. GBP has tested the 50% retracement of its Jan-Feb rally around 1.2350 and appears set to test the 61.8% Fibo at 1.2261."