GBP/USD faces the next support at 1.2390 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
24-hour view: “We expected GBP to trade sideways between 1.2475 and 1.2545 yesterday. GBP dropped briefly to a low of 1.2466 in London trade, rebounded to 1.2546 and then fell back down to end the day at 1.2487 . Today, the weakened underlying tone is likely to lead to GBP edging lower but a sustained drop below 1.2440 is unlikely. On the upside, a breach of 1.2530 indicates that the current mild downward pressure has faded.
Next 1-3 weeks: “Our most recent narrative was from Monday wherein GBP is likely to weaken further to 1.2390 but oversold short-term conditions could slow the pace of any further decline. We continue to hold the same view. Only a breach of 1.2560 would indicate that 1.2390 is not coming into view.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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