UOB Group currency strategists Lee Sue Ann and Quek Ser Leang suggest that GBP/USD faces possible decline to 1.2120 zone In the next weeks.
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24 hour view: “Our expectations for GBP/USD to ‘trade in a range of 1.2235/1.2330’ were incorrect as it fell sharply to 1.2181 before closing on a soft tone at 1.2184 (-0.66%). Room to break major support at 1.2165, oversold conditions suggest next support at 1.2120 is unlikely to come in. Resistance is at 1.2225, followed by 1.2255.”
Next 1-3 weeks: “We hold the same view from early last week where ‘GBP/USD outlook is mixed and we expect GBP/USD to trade in a range.’ After trading sideways and closing around 1.2265/1.2275 for several Within days, GBP/USD tumbled to a low of 1.2181 during the New York session Although the consolidation phase appears to be over, the downward momentum is only starting to build and any weakness from here could be limited to 1.2120 for now. To the upside, the break of the ‘strong resistance’ level, currently at 1.2285, would indicate that the bearish bias has softened.”
Source: Fx Street
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