In the opinion of UOB Group currency strategists, the pound could still break the 1.3670 level in the near term.
24 hour perspective: “The GBP fell to 1.3670 last Friday before starting a slight recovery. Despite the bounce from the low, it is too early to expect a sizable bounce. For today, the British pound is more likely to consolidate and trade sideways, and expected to be within a range of 1.3670 / 1.3740“.
Next 1-3 weeks: “Last Thursday (April 8, even at 1.3745), we indicated that there was room for the British pound to test last month’s low near 1.3670. We add that at this stage, the prospect of a sustained decline below this The level was not high. The pound subsequently fell to 1.3670 on Friday before recovering slightly. The bearish momentum has not improved much, but has not improved.or a clear breakout of 1.3670 is ruled out. However, any further weakness is expected to struggle to move below the next support at 1.3640.. On the upside, a breakout of 1.3780 (previously ‘strong resistance’ level at 1.3840) would indicate that the current bearish pressure has eased. “
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
