According to UOB Group Market Strategist Quek Ser Leang and Senior Currency Strategist Peter Chia, GBP/USD is at risk of further decline, though facing tough support at 1.0840.
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24 hour view: “GBP/USD soared to a high of 1.1131 before closing strongly at 1.1099 (+1.25%). Although the rapid rally seems to be getting ahead of itself, GBP/USD could first test 1.1175 before downside risk mounts. a pullback. For today, 1.1260 is unlikely to be in sight. Support is at 1.1060, followed by 1.0990.”
Next 1-3 weeks: “The pullback from last week’s high at 1.1493 appears to be corrective in nature. Although we do not rule out a further decline in the pound, the bearish momentum is starting to fade and the support at 1.10870 is unlikely to be broken. To the upside, breaking above 1.1280 (“strong resistance” level) would indicate that GBP/USD is unlikely to weaken further.”
Source: Fx Street
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