Extra weakness could drag GBP/USD to the 1.2100 region in the next few weeks, note UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strateg
to the 1.2100 region in the next few weeks, note UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.24-hour view: Yesterday, we held the view that “the downside risk in GBP is limited.” We expected it to trade in a range of 1.2170/1.2245. Instead of trading in a range, GBP fell to a low of 1.2154. Today, further GBP weakness is not ruled out, but subdued downward momentum suggests the major support at 1.2100 is likely out of reach. Resistance is at 1.
Next 1-3 weeks: There is not much to add to our update from yesterday . As highlighted, the GBP weakness that started early this month is still in place. GBP could continue to weaken, and the next level to watch is 1.2100. The weakness in GBP will remain intact as long as it stays below 1.2245 . Information on these pages contains forward-looking statements that involve risks and uncertainties.
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