GBP/USD: SET TO BREAK BELOW 1.2780 – UOB GROUP
The Pound Sterling (GBP) could break above 1.2900, but it might not be able to maintain a foothold above this level, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Bears may try to test 1.2780
24-HOUR VIEW: “We did not anticipate GBP to surge yesterday, as it registered its biggest 1-day gain in four months (1.2862, 0.76%). We were expecting sideways trading. While GBP could rise further today and break above 1.2900, oversold conditions suggest it might not be able to maintain a foothold above this level. The next resistance at 1.2950 is unlikely to come into view. On the downside, support levels are at 1.2845 and 1.2820.”
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