GBP/USD: BEARS ARE SET TO A TEST OF 1.2695 – UOB GROUP
Severely oversold conditions suggest any further decline is likely to be limited to a test of 1.2695. The significant support at 1.2645 is unlikely to come into view today. While outsized decline seems to be overdone, further Pound Sterling (GBP) weakness is not ruled out, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Immediate support is at 1.2695
24-HOUR VIEW: “We expected GBP to trade in a range yesterday. The sudden sharp lurch lower that sent it plunging by 0.94% (NY close 1.2735) was surprising. The outsized decline is the biggest 1-day drop in about four months. While the weakness has not stabilised, severely oversold conditions suggest any further decline is likely to be limited to a test of 1.2695. The significant support level at 1.2645 is unlikely to come into view today. Resistance is at 1.2765; a breach of 1.2795 would mean that the weakness in GBP has stabilised.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.