In the opinion of the currency strategists of UOB Group, Lee Sue Ann and Quek Ser Leang, the continuation of the falls in the GBP/USD should find strong support near 1.1730.
24 hour outlook: “The sharp and rapid fall in the pound last Friday is deeply oversold. Although further weakness is not ruled out, the downside risk appears to be limited, at least for today. To look at it another way, the GBP could fall further, but a sustained decline below the July low near 1.1760 looks unlikely for now (next support is at 1.1730). Resistance is at 1.1850, followed by 1.1885″.
Next 1-3 weeks: “Last week’s sharp drop in sterling has gathered considerable momentum and further pound weakness seems likely. Although conditions are oversold, a break from the year-to-date low near 1.1760 would not be surprising.” Given the oversold conditions, the pace of any further decline is likely to be slower and It is expected that 1.1730 offers solid support. Resistance is at 1.1885, but only a break of 1.1935 would indicate that the current GBP weakness has stabilized.”
Source: Fx Street

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