UOB Group currency strategists Lee Sue Ann and Quek Ser Leang point to the Increasing probability of a break of the 1.1800 level in GBP/USD on the short-term horizon.
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24 hour view: “Yesterday we highlighted that GBP/USD is unlikely to ‘weaker further’ and expect GBP/USD to ‘trade between 1.1825 and 1.1925’. GBP/USD subsequently dipped briefly to 1.1828, rose to 1.1968 and returned to drop to close 1.1895 (+0.09%) Despite price turmoil underlying tone seems soft and we see possibility of GBP/USD weakening but break of major support at 1.1800 looks unlikely for now (There is another support at 1.1825.) Resistance is at 1.1905, followed by 1.1940.”
Next 1-3 weeks: “No change in our view since yesterday (July 13, GBP/USD at 1.1880). As we have highlighted, although the bearish momentum has not improved much, the possibility of GBP/USD breaking 1.1800 has increased. A break of 1.1800 would shift focus to 1.1750. Downside risk is intact as long as GBP/USD does not move above 1.1980 (no change in yesterday’s ‘strong resistance’ level).”
Source: Fx Street
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