GBP/USD risks extra losses near term – UOB – by pabspiovano GBPUSD Currencies Majors Banks
risks further retracements in the short term.24-hour view: “The sharp drop in GBP to 1.1990 yesterday came as a surprise . Not surprisingly, the sharp and rapid drop is oversold. However, as long as 1.2100 is not breached, GBP could continue to decline. That said, a break of the major support at 1.1960 is unlikely today.”
Next 1-3 weeks: “Our latest narrative was from two days ago where GBP is likely to consolidate and trade between 1.2040 and 1.2260. In NY trade, GBP cracked 1.2040 and plunged to a low of 1.1990. The rapid increase in downward momentum suggests the risk for GBP has shifted to the downside. However, any decline is expected to face solid support at 1.1960. On the upside, a breach of 1.2150 would indicate that the downside risk has abated.
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