Further bearish momentum could drag GBP/USD to a test of 1.1800 in the coming weeks, say UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Yesterday, GBP/USD dipped below last week’s low of 1.1877 (low 1.1868) before bouncing back. The bearish momentum has improved, though not by much. While GBP/USD could go lower, any weakness could be limited to a test of 1.1850. Major support at 1.1800 unlikely to be challenged. Resistance lies at 1.1940 then 1.1970.”
Next 1-3 weeks: “In our last account last Friday (July 8, GBP/USD at 1.2025), we held the view that the recent GBP/USD weakness is over and we expected GBP/USD to consolidate and trade between 1.1900 and 1.2165 Didn’t expect yesterday’s sharp drop to 1.1868 Short-term bearish momentum has improved but not much From here GBP/USD is likely to trade with a bearish bias towards 1.1800 At this point prices The odds of a sustained decline below 1.1800 are not high. Overall, only a break of 1.2010 (“strong resistance” level) would indicate that GBP/USD is not ready to go down to 1.1800.”
Source: Fx Street
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