- Analytics
- News and Tools
- Market News
- GBP/USD: A deeper pullback is seen below 1.1900 – UOB
GBP/USD: A deeper pullback is seen below 1.1900 – UOB
GBP/USD could accelerate its downside once 1.1900 is cleared, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: “We did not expect GBP to drop sharply to 1.1924 yesterday (we were expecting GBP to trade sideways). Downward momentum has improved, albeit not much. GBP could weaken further but a sustained decline below the major support at 1.1900 is unlikely. Resistance is at 1.1975, a breach of 1.2005 would indicate that GBP is not weakening further.”
Next 1-3 weeks: “Our latest narrative was from Tuesday (28 Feb, spot at 1.2065) where we held the view that GBP is likely to consolidate and trade in a broad range of 1.1970 and 1.2150. Yesterday, GBP took out 1.1970 and dropped to a low of 1.1924. Downward momentum is beginning to build. However, GBP has to crack another major support at 1.1900 before a sustained decline is likely. The chance of GBP breaking 1.1900 will remain intact as long as the ‘strong resistance’ (currently at 1.2045) is not breached within the next few days. Looking ahead, the next level to watch below 1.1900 is at the Jan’s low near 1.1840.”
© 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
