The GBP / USD slide has the potential to visit the 1.3700 zone in the coming weeks, suggested currency strategists at UOB Group.
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24 hour view: “After trading relatively quietly for a few days, GBP / USD turned down and closed at a 1-month low of 1.3750 (-0.65%). While the rapid decline appears to be running ahead of itself, GBP / USD weakness could test the main support at 1.3700 first before stabilization can be expected. Next support at 1.3670 is unlikely to enter the scene. Resistance is at 1.3775 followed by 1.3800. “
Next 1-3 weeks: “On Monday (Aug 16, GBP / USD at 1.3865), we indicated that GBP / USD is considered to have moved into a consolidation phase and could trade within a 1.3800 / 1.3930 range. The speed and ease with the That GBP / USD broke the bottom of our expected range at 1.3800 was a surprise as GBP / USD fell sharply and posted its biggest 1-day drop in a month (1.3750, -0.65%). The strong and fast decline has room to extend to 1.3700, with decent odds of extension to 1.3670. On the upside, a break of 1.3830 (‘strong resistance level’) would indicate that GBP / USD is not ready to lower its head. “
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