GBP/USD further decline holds for nowaccording to Market Strategist Quek Ser Leang and Senior Currency Strategist Peter Chia of UOB Group.
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24 hour view: “We highlighted yesterday that ‘oversold dip has room to drop below 1.2000 before stabilization is likely'”. Our view failed to materialize as GBP/USD fell as low as 1.2006 before recovering slightly to close at 1.2022 (- 0.22%). While we still see room for GBP/USD to move below 1.2000, any weakness is considered part of a lower 1.1980/1.2060 range. In other words, we do not expect a sustained decline below 1.1980.”
Next 1-3 weeks: “Not much to add to our update from yesterday (Feb 6, GBP/USD at 1.2050). As we highlighted, a further increase in bearish momentum suggests further GBP/USD weakness, but it remains to be seen if the significant Support at 1.1845 will emerge. In general, only a break of 1.2150 (the “strong resistance” level was at 1.2200 yesterday) would indicate that the weakness started late last week has ended.”
Source: Fx Street
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