Instead of continuing to rise, the Pound Sterling (GBP) is more likely to trade in a range between 1.2740 and 1.2840.
Instead of continuing to rise, the Pound Sterling is more likely to trade in a range between 1.2740 and 1.2840. Downward momentum has slowed; any further GBP weakness is likely limited to a retest of the 1.2710 level, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. GBP moves to 1.2840 24-HOUR VIEW: “While we expected GBP to weaken last Friday, we pointed out that ‘severely oversold conditions suggest any further decline is likely to be limited to a test of 1.2695.
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 plunged last Thursday, in our update from last Friday , we indicated that ‘while the price action seems to be overdone, further GBP weakness is not ruled out,’ and ‘the next level to monitor is 1.2645.’ GBP subsequently fell to a low of 1.2708 before soaring, almost breaking above our ‘strong resistance’ level of 1.2840 . Downward momentum has slowed with the strong rebound.
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