Categories: Markets

GBP/USD faces next support around 1.1750 – UOB

GBP/USD faces next support around 1.1750 – UOB

In the opinion of Lee Sue Ann, economist at UOB Group, and Quek Ser Leang, Market Strategist, further pullbacks could motivate GBP/USD to revisit the 1.1750 zone short term.

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24 hour view: “Following Tuesday’s sharp decline, we highlighted yesterday that ‘although a further sharp decline is unlikely, there is room for GBP/USD to weaken to 1.1790 before stabilization is likely.’ Our expectations failed to materialize as the GBP/USD traded mostly sideways, apart from briefly falling to a low of 1.1805 during the American session. GBP/USD could continue to trade sideways today, expected to be within a 1.1800/1.1865 range.”

Next 1-3 weeks: “Our update from yesterday (March 8, GBP/USD at 1.1830) remains valid. As we highlighted, while GBP/USD could weaken further, the pace of any further decline is likely to be slower. Support is at 1.1750. Downside risk is intact as long as GBP/USD remains below 1.1950 (no change at the “strong resistance” level) in the coming days.”

Source: Fx Street