GBP/USD faces a solid support around 1.2720 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
faces tough contention around 1.2720, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: We highlighted last Friday that “further GBP weakness is not ruled out.” We added, “The major support at 1.2720 is likely out of reach.” GBP weakened less than expected, as it rebounded strongly from 1.2767 . Despite the strong rebound, there is no clear increase in momentum, and GBP is unlikely to rise much further.
Next 1-3 weeks: There is not much to add to our update from last Friday . As highlighted, “downward momentum is building again, it remains to be seen if GBP can break the major support at 1.2720.” All in all, we expect GBP to trade with a downward bias as long as it stays below 1.2930 . Information on these pages contains forward-looking statements that involve risks and uncertainties.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pairs in Focus This Week \u2013 GBP/USD, EUR/USD, GBP/JPYGet the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of July 30th, 2023 here.
Read more »
GBP/USD Price Analysis: Cable begins BoE/NFP week on defensive note near 1.2850GBP/USD Price Analysis: Cable begins BoE/NFP week on defensive note near 1.2850 – by anilpanchal7 GBPUSD Technical Analysis ChartPatterns UnitedArabEmirates NFP
Read more »
GBP/USD: Weekly Forecast 30th July - 5th AugustThe $GBPUSD will start the coming week near the 1.28470 ratio after a week of rather choppy results being displayed.
Read more »
GBP/USD recovery looks to recapture 1.2900 as Fed hawks retreat on mixed data, focus on BoE, US NFPGBP/USD recovery looks to recapture 1.2900 as Fed hawks retreat on mixed data, focus on BoE, US NFP – by anilpanchal7 GBPUSD BOE Fed NFP RiskAversion
Read more »
Kim Kardashian sells one of her extra homes in Hidden Hills for $3.5 millionKim Kardashian, whose name requires little intro or description, has just sold off one of her houses that she probably wasn’t using much. It must have seemed...
Read more »
Peter Thiel paid staff extra $1,000 a month to live near office: bookPeter Thiel paid staff an extra $1,000 a month if they lived close to the office so they were more likely to work late, book says
Read more »