- Analytics
- News and Tools
- Market News
- GBP/USD risks extra pullbacks near term – UOB
GBP/USD risks extra pullbacks near term – UOB
Further losses appear in store for GBP/USD in the short-term horizon, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: Last Friday, we expected GBP to trade in a range of 1.2835/1.2930. However, GBP traded in a lower range of 1.2817/1.2904 before closing slightly lower at 1.2852 (-0.12%). Despite the lower trading range, there is no clear increase in downward momentum. We continue to expect GBP to trade in a range, probably between 1.2815 and 1.2895.
Next 1-3 weeks: Last Thursday (20 Jul, spot at 1.2935), we highlighted that the decline in GBP had room to extend. However, we indicated that GBP “has to break clearly below 1.2850 before a sustained decline is likely.” After GBP broke below the strong support at 1.2850, we highlighted last Friday (21 Jul, spot at 1.2875) that GBP could drop further. We indicated that there is another solid support at 1.2780. We continue to hold the same view. Overall, only a breach of 1.2960 (‘strong resistance’ level was at 1.3000 last Friday) would indicate that GBP is not weakening further.
© 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
