According to currency strategists at the UOB Group, GBP / USD could fall back to the 1.3370 level and below In the next weeks.
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24 hour view: “Although we expected GBP / USD to ‘weaken further’ yesterday, we are of the opinion that ‘important support at 1.3480 is unlikely to enter the picture.’ Subsequent weakness exceeded our expectations by a wide margin as GBP / USD plunged to 1.3412. Further weakness is not ruled out, but deeply oversold conditions indicate that the pace of any decline is likely to be slower. Next support is at 1.3370 (minor support is 1.3400). Resistance is at 1.3480 , followed by 1.3520. “
Next 1-3 weeks: “Yesterday (September 29, GBP / USD at 1.3540), we highlighted that GBP / USD ‘is likely to weaken further to 1.3480’. We add that ‘a clear break out of 1.3480 could potentially lead to a further rapid decline (the next support is 1.3370) ‘. GBP / USD subsequently broke 1.3480 and plunged to 1.3412. Focus is at 1.3370 now. A breakout of this level would shift focus to 1.3300. The current negative outlook is considered intact as long as GBP / USD did not move above 1.3570 (‘strong resistance level’ was at 1.3650 yesterday). “
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