Whenever the pound sterling (GBP) is maintained below 1,3335 against the US dollar (USD), it could fall to 1,3265. In the long term, the current price movements are part of a negotiation phase in the range of 1,3240/1,3450, the FX analysts of UOB Group, quek being Leang and Peter Chia point out.
Price movements are part of a negotiation phase in the range of 1,3240/1,3450
24 -hour vision: “Two days ago, the GBP shot at 1,3402 and then backed up abruptly. Yesterday, when the GBP was in 1,3350, we indicated that ‘the setback from the maximum in the middle of overcompra conditions suggests that the GBP will probably be negotiated in a range today, which is expected to be between 1,3300 and 1,3400.’ Instead of negotiating in a range of 1,3300/1,3400, the GBP fell to a minimum of 1,3281, closing with a soft note in 1,3290 (-0.60%). It could go to 1,3265.
Vision at 1-3 weeks: “We indicate yesterday (May 7, even in 1,3350) that ‘current price movements are part of a negotiation phase in the range of 1,3240/1,3450.’ There are no changes in our opinion.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
