According to economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group, GBP/USD downtrend should pick up pace once 1.1330 level is broken.
24 hour view: “Yesterday, we expected GBP/USD to “trade choppy between 1.1430 and 1.1550″. Our forecast for choppy trading was not wrong, although GBP/USD traded in a much wider range than expected (1.1388/1.1565 The weak daily close of 1.1390 ââ(-0.83%) suggests downside risks for GBP/USD today, that being said, a sustained drop below major support at 1.1330 is unlikely (next support is at 1.1260) Resistance is at 1.1430, followed by 1.1480”.
Next 1-3 weeks: “Our last story was from Tuesday (Nov 1, GBP/USD at 1.1470) where GBP/USD “seems to have entered a consolidation phase and is likely to trade between 1.1330 and 1.1635 for now.” Yesterday (Nov 2) November), GBP/USD fell sharply to 1.1388 and short-term bearish momentum is starting to pick up.That said, GBP/USD needs to break below 1.1330 before a sustained decline is likely. GBP/USD breaks 1.1330 would remain intact as long as GBP/USD does not move above the “strong resistance” level (currently at 1.1525) in the next two days.”
Source: Fx Street