Current price movements are probably part of a consolidation phase between 1,3360/1,3460. In the long term, the GBP perspective remains negative; The following technical objective in 1,3320 may not appear so soon, since it could be consolidated first, the FX analysts of UOB Group, to be Leang and Peter Chia.
Current price movements are probably part of 1,3360/1,3460
24 -hour view: “While we indicated yesterday that ‘there is room for the GBP to weaken even more’, we point out that ‘any fall is probably part of a lower range of 1,3360/1,3445.’ Subsequent price movements did not be as expected.
1-3 weeks View: “We highlight the following yesterday (July 16, for 1,3395): ‘We maintain our negative perspective of the GBP, although the following technical objective in 1,3320 may not appear as soon; the short-term overall conditions could lead to a first consolidation. On the positive side, if the GBP breaks above 1,3500 (‘ strong resistance ‘), it would mean that the weakness of the GBP stabilized. ‘ Our opinion remains the same. “
Source: Fx Street
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