- Analytics
- News and Tools
- Market News
- GBP/USD still risks further losses in the short term – UOB
GBP/USD still risks further losses in the short term – UOB
Extra decline in GBP/USD remains well on the cards for the time being, note Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.
Key Quotes
24-hour view: “We highlighted yesterday that ‘the oversold decline has scope to dip below 1.2000 before stabilization is likely.’ Our view did not materialize as GBP dipped to 1.2006 before recovering slightly to close at 1.2022 (-0.22%). While we still see room for GBP to move below 1.2000, any weakness is viewed as part of a lower trading range of 1.1980/1.2060. In other words, we do not expect a sustained decline below 1.1980.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (06 Feb, spot at 1.2050). As highlighted, further increase in downward momentum suggests more GBP weakness but it remains to be seen if the significant support at 1.1845 will come into view. Overall, only a breach of 1.2150 (‘strong resistance’ level was at 1.2200 yesterday) would indicate that the weakness that started late last week has run its course.”
© 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
