- Analytics
- News and Tools
- Market News
- GBP/USD: Losses seen accelerating below 1.1950 – UOB
GBP/USD: Losses seen accelerating below 1.1950 – UOB
Downward momentum is expected to pick up pace once GBP/USD leaves behind the 1.1950 level in the next few weeks, note UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang.
Key Quotes
24-hour view: “We highlighted yesterday that ‘while there is room for GBP to weaken further, it is unlikely to break the major support at 1.2000’. The anticipated weakness exceeded our expectations as it dropped to 1.1993 before rebounding slightly. Downward momentum has improved a tad and GBP is likely to edge lower today but it is unlikely to threaten the support at 1.1950. Resistance is at 1.2040, a breach of 1.2065 would indicate that the current mild downward pressure has eased.”
Next 1-3 weeks: “Two days ago (22 Feb, spot at 1.2115), we held the view that ‘the current price movements appear to be part of a broad consolidation range’ and we expected GBP to trade between 1.2000 and 1.2210. Yesterday, GBP dipped below 1.2000 as it dropped to 1.1993. Downward momentum is showing signs of building but GBP has to break the major support at 1.1950 before a sustained decline is likely. The chance of GBP breaking below 1.1950 is low at this stage, but it would remain intact as long as GBP stays below 1.2105 within the next few days.”
© 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
