GBP/USD faces the next support at 1.1750 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
could weaken further and meet the next support around 1.1750 according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: “The sharp drop in GBP came as a surprise . The sharp and rapid drop is, not surprisingly, oversold. While further sharp decline is unlikely, there is room for GBP to weaken to 1.1790 before stabilization is likely. The next support at 1.1750 is unlikely to come into view today. Resistance is at 1.1860, followed by 1.1900.
Next 1-3 weeks: “Our latest narrative was from two days ago where we highlighted that GBP ‘is likely to consolidate, expected to be between 1.1925 and 1.2120’. Yesterday, GBP plunged below 1.1925 . While GBP could weaken further, the pace of any further decline is likely to be slower. Support is at 1.1750. The downside risk is intact as long as GBP stays below 1.1950 in the next few days.”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.
GBP/USD faces further consolidation near term – UOBEconomist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest GBP/USD cold extend the side-line theme between 1.1925 and 1.2120 in
Read more »
GBP/USD: Potential descending triangle could be forming with support at 1.1920 levels – OCBCGBP/USD consolidated last week. Economists at OCBC note that a move below the 1.1920 area could confirm a descending triangle, opening up next support
Read more »
GBP/USD turns negative, with bears eyeing 1.2000 below the 100-DMAGBP/USD trims some of last Friday’s gains despite an upbeat sentiment led by Wall Street, opening in the green. A light calendar in the United Kingdom
Read more »
GBP/USD pressured by late US Dollar comeback and central bank divergence themesGBP/USD is down some 0.2% on the day as we head toward the Wall Street close with the price traveling between 1.1992 and 1.2048. Despite a soft US Dol
Read more »
GBP/USD Price Analysis: Bulls travel through a bumpy road past 1.2000GBP/USD prints mild gains around 1.2030 as it pares the week-start losses during the early Tuesday’s trading. In doing so, the Cable pair marks anothe
Read more »
GBP/USD gyrates in a bounded range above 1.2000 as Fed Powell’s testimony hogs limelightThe GBP/USD pair is displaying a lackluster performance in an extremely narrow range around 1.2020 in the Asian session. The Cable has been gyrating i
Read more »