The sterling pound (GBP) will probably be negotiated in a lateral range of 1,3540/1,3640 against the US dollar (USD). In the long term, the probability that the GBP falls to 1,3510 is increasing, the FX analysts of UOB Group, to be Leang and Peter Chia.
Increased probability that GBP falls to 1,3510
24 -hour vision: “The GBP fell to a minimum of 1,3576 two days ago and then closed in 1,3602. When the GBP was in 1,3625 in the first Asian session yesterday, we affirm that ‘despite the fall, the alemp 1.3580/1,3660. ‘ Subsequent price movements did not be as expected.
Vision 1-3 weeks: “Last Thursday (July 3, quotation in 1,3650), we indicate that ‘the short-term low-term momentum is increasing, but it is not strong enough to indicate a sustained fall at the moment.’ We also emphasize that ‘for a continuous downward movement, the GBP must first close below 1,3560.’ After the GBP fell to a minimum of 1,3576 on Monday, we indicated yesterday (July 8, quotation in 1,3625) that ‘although the downward momentum has increased even more, we prefer to wait for the GBP to close below 1,3560 before waiting for a movement towards 1,3510.’ The GBP later fell to a minimum of 1,3528 before recovering and closing in 1,3593.
Source: Fx Street
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