In the opinion of the currency strategists at UOB Group, GBP / USD is likely to return to the 1.3260 region In the next weeks.
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24 hour view: “We highlighted last Friday that ‘we still see the possibility of GBP / USD turning below 1.3300 before a more substantial bounce can be expected.’ And we added that ‘the next support at 1.3260 is unlikely to enter the scene. Our view was not wrong as GBP / USD briefly dipped to 1.3278 before rebounding. The downward pressure has eased and this, coupled with oversold conditions, suggests that the current move is part of a phase. consolidation. In other words, GBP / USD is likely to move sideways for today and is expected to be within a range of 1.3300 / 1.3365. “
Next 1-3 weeks: “Our latest narrative was from last Thursday (Nov 25, GBP / USD at 1.3335) where we saw that the downside momentum has improved and a break of 1.3300 would shift focus to 1.3260. GBP / USD broke 1.3300 on Friday and fell. to 1.3278 before rallying strongly. Short-term oversold conditions could lead to consolidation first. As long as 1.3390 (no change at “strong resistance” level) is intact, there is room for GBP / USD to move down to 1.3260. At the moment, a sustained decline below 1.3260 is unlikely. “
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