- Analytics
- News and Tools
- Market News
- GBP/USD now looks to a potential drop to 1.1630 – UOB
GBP/USD now looks to a potential drop to 1.1630 – UOB
Further weakness could drag GBP/USD to the 1.1630 region in the next few weeks, note FX Strategists at UOB Group Quek Ser Leang and Peter Chia.
Key Quotes
24-hour view: “We expected GBP to ‘trade sideways between 1.1770 and 1.1870’ last Friday. However, GBP spiked to 1.1900 before plunging to close at 1.1730 (-0.91%). GBP dropped sharply during early Asian hours and the rapid build-up in downward momentum is likely to lead to further decline. That said, the major support at 1.1630 is likely out of reach for now (there is another support at 1.1660). Resistance is at 1.1730 but only a breach of 1.1760 would indicate that the current weakness has stabilized.”
Next 1-3 weeks: “Our latest narrative was from last from Wednesday (24 Aug, spot at 1.1830) where GBP is likely to consolidate and trade between 1.1720 and 1.1930. GBP plummeted to 1.1730 last Friday before breaking clearly 1.1700 during early Asian hours. Downward momentum has improved quickly and the price actions suggest GBP could weaken towards 1.1630. Overall, GBP is expected to trade on its back foot unless it can move above the ‘strong resistance’ level, currently at 1.1800.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
