- Analytics
- News and Tools
- Market News
- GBP/USD: Bearsh push steadily towards 1.2710 – UOB Group
GBP/USD: Bearsh push steadily towards 1.2710 – UOB Group
Downward momentum has slowed further; there is a low of confidence in a sustained break below 1.2710, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.
May test 1.2710 in short term
24-HOUR VIEW: “Two days ago, GBP soared to a high of 1.2840. Yesterday, we indicated that ‘the rapid rise appears to be overdone, and instead of continuing to rise, GBP is more likely to trade in a range between 1.2740 and 1.2840.’ However, in London trade, GBP fell briefly to 1.2710, rebounded to 1.2817, and then traded sideways for the rest of the session. Further sideways trading seems likely today, expected to be in a range of 1.2745/1.2840.”
1-3 WEEKS VIEW: “We have held a negative view in GBP since 26 Jul, when it was trading at 1.2855. After GBP plummeted to 1.2709 and rebounded strongly last Friday, we indicated yesterday (05 Aug, spot at 1.2785) that ‘downward momentum has slowed, and any further GBP weakness is likely limited to a retest of the 1.2710 level.’ In London trade, GBP dropped to 1.2710 and then rebounded again. Momentum continues to slow, and we do not have high confidence of a sustained decline below 1.2710. On the upside, if GBP breaks above 1.2840 (no change in ‘strong resistance’ level), it would mean 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
