GBP/USD faces the next support at 1.2250 – UOB By pabspiovano GBPUSD Currencies Majors Banks
Further downside momentum could drag cable to the mid-1.2200s in the near term, suggested UOB Group’s FX Strategists Lee Sue Ann and Quek Ser Leang.has scope to extend to 1.2300 before stabilization is likely’. We added, ‘the next support at 1.2250 is unlikely to come under threat’. GBP subsequently dropped to 1.2276 before rebounding. The weakness in GBP appears to have stabilized somewhat and this coupled with oversold conditions suggests that GBP is unlikely to weaken much further.
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