The sterling pound (GBP) could re -test the level of 1,3140 against the US dollar (USD) before a more sustained recovery can be expected. In the long term, the GBP is expected to weaken, but the main support in 1,3070 may not be obvious, the FX analysts of UOB Group, to be Leang and Peter Chia.
GBP is expected to weaken
24 -hour vision: “After falling to a minimum of 1,3140 in the first London session of yesterday, the GBP recovered and negotiated laterally before closing in 1,3177, with a 1.07% drop in the day. The low -down momentum has decreased, although in a tentative way. However, provided that 1,3235 is not exceeded (the minor resistance is at 1,3200), the GBP could try again The level of 1,3140 before a more sustained recovery can be expected.
Vision at 1-3 weeks: “In our most recent narrative last Friday (May 9, for 1,3240), we indicate that ‘although there has not been a significant increase in the low momentum, there is room for the GBP to weaken up to 1,3150.’ We add, ‘currently, it is not clear if the GBP can break clearly below this level.’ Yesterday, the GBP fell below 1,3150, reaching a minimum of 1,3140. 1.3330). “
Source: Fx Street
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