GBP/USD faces strong contention around 1.2275 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
should meet a tough support level at 1.2275, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “After GBP dropped to 1.2353 on Monday, we noted yesterday that ‘despite the decline, downward momentum has not improved much’. However, we were of the view that ‘there is scope for GBP to dip below 1.2345 before stabilization is likely’. GBP did not dip below 1.2345 but instead, rebounded to a high of 1.2449.
Next 1-3 weeks: “Two days ago , we highlighted that GBP could edge lower but any decline is unlikely to break clearly below the major support at 1.2275. We continue to hold the same view even though after the rebound yesterday, the odds for GBP to decline have diminished. All in all, only a breach of 1.2475 would indicate that the downside bias has faded.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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