GBP/USD now shifts attention to the 1.3060 level in the short term, according to currency strategists at UOB Group.
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24 hour view: “We were expecting GBP/USD to weaken yesterday, but are of the opinion that ‘important support at 1.3100 is unlikely to be threatened’. The expected weakness exceeded our expectations as GBP/USD broke 1.3100 and tumbled to 1.3066. The sharp and rapid decline appears to be overdone and GBP/USD is unlikely to weaken much further. For today, GBP/USD is more likely to move sideways into a 1.3060/1.3140 range.”
Next 1-3 weeks: “Last Friday (March 25, GBP/USD at 1.3195), we highlighted that GBP/USD seems to have moved into a consolidation phase and is likely to move between 1.3100 and 1.3300. GBP/USD fell below 1.3100 (low 1.3066) before rallying quickly Downside momentum has improved but not as much From here GBP/USD has to close below 1.3050 before sustained decline is likely GBP/USD closing below 1.3050 is not high for now, but it would remain intact as long as GBP/USD does not move above 1.3195 (‘strong resistance level’) in these few days. future, the next support below 1.3050 is 1.3000.”
Source: Fx Street
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