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- GBP/USD could still retest the mid-1.2800s – UOB
GBP/USD could still retest the mid-1.2800s – UOB
FXStreet reports that сable’s decline does not rule out a potential retracement to the 1.2845 level in the next weeks, noted FX Strategists at UOB Group.
Next 1-3 weeks: “Yesterday, we highlighted that ‘downward momentum has improved further but still appears lackluster for now’. We added, ‘GBP is deemed to be under mild downward pressure and could gravitate towards the major support at 1.2845’. GBP subsequently plummeted to 1.2854 but the decline was short-lived. From here, there is no change in our view and we still see chance for GBP to test the 1.2845 level. Only a break of 1.3030 (no change in ‘strong resistance’ level) would indicate that the current mild downward pressure has eased. Looking forward, the next support below 1.2845 is at 1.2800.”
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