The GBP / USD remains under pressure and could fall to the 1.3260 region on the short-term horizon, according to currency strategists at UOB Group.
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24 hour view: “GBP / USD’s sharp decline to 1.3317 yesterday was a surprise (we expected GBP / USD to trade between 1.3350 and 1.3410). While the rapid decline has room to fall below the main support at 1.3300, a decline is unlikely. sustained below this level. Next support is 1.3260. Resistance is at 1.3365, but only a break of 1.3385 would indicate that current weakness has stabilized. “
Next 1-3 weeks: “Yesterday (Nov 24, GBP / USD at 1.3375), we highlighted that ‘risk remains on the downside, but low probability that GBP / USD will move to 1.3300’. We did not expect the sharp drop after 1.3317. In view of the improvement in momentum to the downside, a breakout of 1.3300 would not be surprising. The next level to focus on below 1.3300 is 1.3260. In general, downside risk is considered intact as long as GBP / USD does not move above 1.3410 (‘strong resistance level’ was at 1.3445 yesterday). “
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