Chances of GBP/USD breaking below 1.3250 keep increasing in the short term, currency strategists at UOB Group suggest.
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24 hour view: “Our view for ‘GBP/USD bounce to extend’ was incorrect as it fell sharply to 1.3303 before settling weakly at 1.3328 (-0.69%). While the rapid decline seems to be getting ahead of itself , there is scope for a test of last week’s low near 1.3275. For today, a sustained drop below this level is unlikely (next support is 1.3250). Resistance is at 1.3355, followed by 1.3385.”
Next 1-3 weeks: “After GBP/USD tumbled to a low of 1.3273, we highlighted last Friday (Feb 25, GBP/USD at 1.3380) that further weakness in the pair is not ruled out. However, we note that there is significant support at 1.3250. Yesterday (March 1), GBP/USD fell sharply to 1.3303 and the downward momentum has improved. The odds of GBP/USD breaking 1.3250 have increased. Only a break of 1.3460 (‘strong price level’) resistance’ was at 1.3505 yesterday) would indicate that GBP/USD is not ready to weaken further.”
Source: Fx Street
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