In the view of UOB Group currency strategists, GBP / USD remains poised to extend the decline in the short term.
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24 hour view: “Yesterday, we highlighted that GBP / USD ‘could fall to 1.3240 before the risk of a rebound increases.’ Our expectations did not materialize as GBP / USD traded relatively quietly between 1.3265 and 1.3333. Indicators of Momentum is turning neutral and GBP / USD is likely to move sideways today, expected to be between 1.3270 and 1.3350. “
Next 1-3 weeks: “There is not much to add to our update on Wednesday (Dec 1, GBP / USD at 1.3295). We remain of the same opinion that while further weakness in GBP / USD is not ruled out, 1.3195 is solid support and may not easy to break out. On the upside, a breakout of 1.3390 (no change from yesterday’s ‘strong resistance’ level) would indicate that the weakness in GBP / USD from the beginning of last week is over. “
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