The sterling pound (GBP) could prove the significant support in 1,3445 against the US dollar (USD); Over -sales conditions suggest that a clear break below this level is unlikely. In the long term, the perspective for the GBP remains negative; The next technical objective is in 1,3445, the FX analysts of UOB Group, to be Leang and Peter Chia.
The perspective for the GBP is still negative
24 -hour vision: “The GBP fell to a minimum of 1,3535 last Thursday and then recovered quickly. On Friday, we indicated that the GBP ‘could re -test the level of 1,3535.’ However, we affirm that ‘the current momentum seems to suggest that the main support in 1,3510 is unlikely to be in danger.’ Although our directional call turned out to be correct, the subsequent fall exceeded our expectations, since the GBP collapsed below 1,3510 and reached a minimum of 1,3481. The GBP could test the significant support level in 1,3445. Since the conditions are deeply overene, a clear breakdown below this level is unlikely. To maintain overall momentum, the GBP should not break above 1,3540 (with a lower resistance in 1,3520). “
Vision at 1-3 weeks: “We have seen the GBP negatively since the beginning of this month. Following subsequent price movements, in our most recent narrative last Wednesday (July 9, for 1,3590), we affirm that ‘the probability that the GBP falls to 1,3510 is increasing.’ On Friday, the GBP broke below 1,3510 and reached a minimum of 1,3484. 1,3445, could trigger a deeper fall towards the minimum of June, about 1,3375. “
Source: Fx Street
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