GBP/USD faces extra consolidation near term – UOB – by pabspiovano GBPUSD Currencies Majors Banks
24-hour view: “We highlighted yesterday that ‘the bias for GBP is tilted to the downside but it is unlikely to break the strong support at 1.2440’. GBP weakened more than expected as it broke slightly below 1.2440 before rebounding. While there is no significant increase in downward momentum, GBP could dip to 1.2425 before a more sustained rebound is likely. Resistance is at 1.2500, followed by 1.2525.
Next 1-3 weeks: “Yesterday , we highlighted that for GBP to strengthen further, it must not fall below 1.2440. In NY trade, GBP dropped to 1.2436 before rebounding. The breach of the ‘strong support’ level at 1.2440 indicates that GBP is unlikely to strengthen further. For the time being, GBP is more likely to trade in a 1.2395/1.2565 range.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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