In the opinion of economist Lee Sue Ann and UOB Group Market Strategist Quek Ser Leang, GBP/USD risks further setbacks in the short term.
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24 hour view: “GBP/USD’s sharp drop to 1.1990 yesterday was a surprise (we expected GBP/USD to trade in a range). Not surprisingly, the sharp and fast drop is oversold. However, as long as it doesn’t break above 1.2100 (the minor resistance is at 1.2065), GBP/USD could continue lower. That being said, a break of the main support at 1.1960 is unlikely today.”
Next 1-3 weeks: “Our last analysis from two days ago (Feb 14, GBP/USD at 1.2140), according to which GBP/USD is likely to consolidate and trade between 1.2040 and 1.2260. During the American session yesterday, GBP/USD It broke through 1.2040 and plunged to a low of 1.1990.The rapidly increasing bearish momentum suggests that risk to GBP/USD has shifted to the downside, however any decline is expected to face solid support at 1.1960. To the upside, a break above 1.2150 (“strong resistance” level) would indicate that downside risk has subsided.”
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.
