UOB Group currency strategists Lee Sue Ann and Quek Ser Leang suggest that further decline could see GBP/USD visit key parity region.
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24 hour view: “Yesterday, we held the view that GBP/USD “could continue to trade choppy and likely within a wide range of 1.0600/1.0900″. However, GBP/USD traded within a narrower range than expected ( 1.0651/1.0837). The underlying tone has softened and GBP/USD is likely to drop today. That said, a sustained decline below 1.0630 is unlikely. Resistance levels are at 1.0780 and 1.0830.”
Next 1-3 weeks: “On Monday (Sep 26, GBP/USD at 1.0600), we highlighted that in view of the impulsive downward acceleration since last Friday, a further decline in GBP/USD to 1.0000 is not ruled out. Our view has not changed.” However, short-term oversold conditions suggest GBP/USD could trade above Monday’s low of 1.0327 for a few days.To the upside, a break of 1.1000 (no change in “strong resistance” level of yesterday) would indicate that the GBP/USD weakness from 2 weeks ago has stabilized.”
Source: Fx Street
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