Further declines are likely in GBP/USD, although there is strong support around 1.3250according to currency strategists at the UOB Group.
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24 hour view: “Our view yesterday that ‘risk has shifted to the downside’ was incorrect as GBP/USD rallied and recovered most of its initial sharp decline and closed largely unchanged at 1.3421 (+0.07 Bounce has room to extend but a clear break of 1.3460 looks unlikely Major resistance at 1.3505 not expected to come into the picture On the downside a break of 1.3360 (minor support is at 1.3390) would indicate that the current upward pressure has been relieved.”
Next 1-3 weeks: “After GBP/USD tumbled to a low of 1.3273, we highlighted last Friday (Feb 25, GBP/USD at 1.3380) that further weakness in the pair is not ruled out. However, we note that there is support important at 1.3250. For now, we continue to see the possibility of GBP/USD continuing to fall and only a break of 1.3505 (no change in ‘strong resistance’ level) would indicate that the current weakness has stabilized.”
Source: Fx Street
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