In the opinion of the UOB Group’s currency strategists, GBP/USD remains poised for further weakness and faces strong support levels at 1.3050 and 1.3000 In the next weeks.
Featured Comments
24 hour view: “Yesterday we highlighted that GBP/USD ‘could break 1.3100 but may not be able to sustain downside momentum below this important support’. Our view was not wrong as GBP/USD subsequently fell to 1.3083 during early London hours before rallying to move mainly sideways for the remainder of the session While the bias still appears to be to the downside, any decline is unlikely to threaten major support at 1.3050 Resistance is at 1.3150 , followed by 1.3180.”
Next 1-3 weeks: “Yesterday (March 8, GBP/USD at 1.3110), we highlighted that downward momentum remains strong and a break of 1.3100 would shift attention to 1.3050 followed by 1.3000. GBP/USD subsequently dipped to 1.3083 before closing little changed at 1.3102 (-0.03%) No change in our view for now, despite oversold short-term conditions suggesting a slower pace of decline Overall downside risk intact as long and when GBP/USD fails to move above 1.3250 (‘strong resistance’ level was at 1.3280 yesterday) A break of ‘strong resistance’ would indicate that GBP/USD weakness that started over a week ago has finished.”
Source: Fx Street
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.
