Scotia Capital goes bearish on sterling

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Camilla Sutton, Scotia Capital

Scotia Capital has topped this week's three-month currency forecast rankings after basing its predictions on a view that sterling would continue to underperform as a result of low growth and strict austerity measures.

On April 15, Scotia predicted GBP/USD would drop from 1.635 to 1.6 in three months' time, a forecast that proved accurate on July 18 when the currency pair traded at 1.6088.

"Sterling has traded within a fairly tight range over the past three months. We were expecting that loose

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