- Analytics
- News and Tools
- Market News
- GBP/USD: A breach of 1.2400 should not be ruled out – UOB
GBP/USD: A breach of 1.2400 should not be ruled out – UOB
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBP/USD could retreat further and break below the 1.2400 support in the near term.
Key Quotes
24-hour view: “Yesterday, we held the view that GBP ‘is under mild downward pressure’ and ‘could edge lower but a sustained drop below 1.2440 is unlikely’. In London trade, GBP dropped to 1.2422 but the decline was brief as it rebounded to end the day unchanged at 1.2487. The price movements are likely part of a consolidation phase and today, we expect GBP to trade in a range of 1.2440 and 1.2525.”
Next 1-3 weeks: “Our most recent narrative was from Monday (15 May, spot at 1.2455) wherein GBP is likely to weaken further to 1.2390 but oversold short-term conditions could slow the pace of any further decline. Yesterday (17 May), GBP dropped to 1.2422 and then rebounded. We continue to hold the same view. Only a breach of 1.2560 (no change in ‘strong resistance’ level) would indicate that 1.2390 is not coming into view.”
© 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
