Currency strategists at UOB Group suggest that GBP / USD is still at risk of further reversals In the next weeks.
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24 hour view: “Yesterday we had the opinion that GBP / USD ‘could continue to move in a choppy fashion within a range of 1.3240 / 1.3355’. Thereafter GBP / USD moved between 1.3263 and 1.3352. The underlying tone seems to have weakened a bit and the GBP / USD could drop to 1.3240 before the risk of a rebound increases. Higher support at 1.3195 is not expected to be threatened. Resistance is at 1.3310, followed by 1.3340. “
Next 1-3 weeks: “There is not much to add to our update yesterday (Dec 1, GBP / USD at 1.3295). We remain of the same opinion that while further weakness in GBP / USD is not ruled out, 1.3195 is solid support and may not easy to break out. On the upside, a breakout of 1.3390 (unchanged from yesterday’s ‘strong resistance’ level) would indicate that the GBP / USD weakness from early last week is over. “
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