GBP/USD still facing tough support at 1.1300 – UOB

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According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, further downward pressure on GBP/USD is expected to meet strong support around 1.1300 In the next weeks.

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24 hour view: “We expected GBP/USD to “trade inside a higher sideways range at 1.1400/1.1480″ yesterday. However, after rising to a high of 1.1461, GBP/USD quickly fell to 1.1358 during the New York session. bearish momentum has improved but not much. From here, unless the 1.1430 level is broken, GBP/USD is likely to drop below 1.1350. Next support is at 1.1300, probably out of reach today.”

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Next 1-3 weeks: “We have held a negative view on GBP/USD for a week now. In our latest account on Monday (Sep 19, GBP/USD at 1.1435), we noted that while GBP/USD downside risk remains intact, oversold conditions could lead to 1-2 days of consolidation first short-term bearish momentum is starting to consolidate and GBP/USD looks poised to exit its consolidation phase that being said, major support at 1.1300 could not be easy to break. To the upside, the breakout of 1.1490 (the “strong resistance” level was yesterday at 1.1540) would indicate that the GBP/USD weakness that started a week ago has stabilized.”

Source: Fx Street

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