In the opinion of forex strategists at UOB Group, the GBP/USD it could return to the 1.3550 level in the next few weeks.
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24-hour perspective: “GBP slumped to 1.3573 yesterday before rebounding to close at 1.3628 (-0.33%). Momentum to the downside has slowed somewhat and this combined with oversold conditions suggests that the pound is unlikely to weaken yet. more. For the moment, the pound is more likely to consolidate and trade between 1.3585 and 1.3670.”
Next 1-3 weeks: “The GBP tumbled to a five-and-a-half month low at 1.3573 yesterday before rebounding rapidly. While the sharp and rapid decline in recent days appears to be getting ahead of itself, there is room for the pound to fall below 1.3550. In view of the oversold conditions, it remains to be seen whether it can sustain a support point below this level (the next support is 1.3500). Ultimately, the current downward pressure on GBP is considered intact as long as it doesn’t move above 1.3730. “
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