GBP/USD: Likelihood of it reaching 1.3210 today is not high – UOB Group
Despite oversold conditions, the Pound Sterling (GBP) could decline further; the likelihood of it reaching 1.3210 today is not high. In the longer run, to continue to weaken, GBP has to break the major support at 1.3210, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
GBP has to break below 1.3210 to continue falling
24-HOUR VIEW: “We did anticipate the sharp drop in GBP that sent it plummeting to a low of 1.3237. GBP then closed on a weak note at 1.3287, down by 0.67%. The sharp drop is severely oversold, but further decline is not ruled out. However, given the oversold conditions, the likelihood of GBP reaching the major support at 1.3210 today is not high (there is another support at 1.3235). On the upside, any rebound is likely to remain below 1.3330 with minor resistance at 1.3300.”
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.