GBP/USD: EXPECTED TO DRIFT LOWER, POTENTIALLY BELOW 1.3050 – UOB GROUP
The Pound Sterling (GBP) is expected to drift lower, potentially dropping below 1.3050; lackluster momentum suggests 1.3000 is out of reach. In the longer run, price action suggests further GBP weakness; the next major support at 1.3000 may not come into view so soon, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
Momentum suggests 1.3000 is out of reach
24-HOUR VIEW: “Yesterday, we expected GBP to trade in a sideways range of 1.3065/1.3135. GBP subsequently traded between 1.3057 and 1.3106, closing slightly lower at 1.3075 (-0.21%). The mild decline resulted in a slight increase of momentum. Today, we expect GBP to drift lower, potentially dropping below 1.3050. Due to the lackluster momentum, any decline is unlikely to reach 1.3000. Resistance levels are at 1.3090 and 1.3115.”
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.