Room for Pound Sterling (GBP) to drop to 1.2915 before the risk of a rebound increases; the next support at 1.2860 is unlikely to come under threat, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
GBP may drop to 1.2915 in short-term
24-HOUR VIEW: “After GBP soared to 1.3043 on Wednesday and then pulled back, we indicated yesterday (Thursday) that ‘despite the advance, there is no significant increase in upward momentum, and GBP is unlikely to rise much further.’ We expected GBP to trade sideways between 1.2970 and 1.3045. However, instead of trading sideways, GBP dropped sharply, reaching a low of 1.2941. While the decline seems to be running ahead of itself, there is room for GBP to drop to 1.2915 before the risk of a rebound increases. The next support at 1.2860 is unlikely to come under threat. Resistance levels are at 1.2975 and 1.2995.”
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