In the opinion of the currency strategists at UOB Group, GBP / USD remains under pressure and could attempt a test of the 1.3760 level.
Key Comments:
24 hour view: “Our expectation that the ‘GBP / USD bounce spreads’ was incorrect as it fell to 1.3801. Despite the drop, the downside momentum has not improved much. That said, there is room for GBP / USD falls to 1.3760 (minor support is at 1.3780). For today, a sustained decline below this level is unlikely. Resistance is at 1.3845 followed by 1.3870 “.
Next 1-3 weeks: “There is not much to add to our update yesterday (Mar 9, GBP / USD at 1.3850). As highlighted, the British pound ‘is under slight downward pressure and could fall to 1.3760’. While momentum still appears to be lackluster, a breakout of 1.3760 is not ruled out, but the next support at 1.3700 is unlikely to enter the scene so soon. On the upside, a break of 1.3930 (the ‘strong resistance’ level was yesterday at 1.3965) would indicate that the current slight downward pressure has eased. “
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