The GBP/USD could still attempt a move to the 1.3250 level in the short term, currency strategists at the UOB Group suggest.
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24 hour view: “Our expectations that ‘GBP/USD bounce extends’ were wrong as it fell to 1.3318 during the American session. While the downward momentum hasn’t improved much, the risk is that GBP/USD will go lower. In view of the lackluster momentum, the major support at 1.3250 is unlikely to be threatened (there is another strong support at 1.3275). Resistance is at 1.3360, followed by 1.3390.”
Next 1-3 weeks: “Yesterday (March 3, GBP/USD at 1.3330), we highlighted that the downward momentum has ebbed somewhat and a break of the strong resistance at 1.3460 would indicate that 1.3250 is out of reach. GBP/USD subsequently rose to 1.3418 before falling back to 1.3318 Downside momentum still looks lackluster but still chances for GBP/USD to decline to 1.3250 Only break of ‘strong resistance’ at 1.3420 (level was at 1.3460 yesterday) would indicate that downside risk has dissipated.
Source: Fx Street
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