Further downside in GBP/USD could extend the decline to the 1.2480 zone in the next few weeks, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Further downside in GBP/USD could extend the decline to the 1.2480 zone in the next few weeks, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: We expected GBP to break below 1.2580 last Friday, but we indicated that “it remains to be seen if it can maintain a foothold below this level.” We also indicated that “the next support is at 1.2530.”. In line with our expectations, GBP broke below 1.2580 as it dropped to 1.2548 before ending the day at 1.2577 (-0.19%). Downward momentum has not increased much; this combined with oversold conditions, suggests that GBP is unlikely to weaken much further. Today, GBP is more likely to trade sideways, probably in a range of 1.2545/1.2625.
Next 1-3 weeks: Our update from last Friday (25 Aug, spot at 1.2600) still stands. As highlighted, the increase in downward momentum suggests GBP is likely to weaken to 1.2530, possibly 1.2480. We will continue to hold the same view as long GBP stays below the ‘strong resistance’ at 1.2685 (level was at 1.2720 last Friday).
24-hour view: We expected GBP to break below 1.2580 last Friday, but we indicated that “it remains to be seen if it can maintain a foothold below this level.” We also indicated that “the next support is at 1.2530.”. In line with our expectations, GBP broke below 1.2580 as it dropped to 1.2548 before ending the day at 1.2577 (-0.19%). Downward momentum has not increased much; this combined with oversold conditions, suggests that GBP is unlikely to weaken much further. Today, GBP is more likely to trade sideways, probably in a range of 1.2545/1.2625.
Next 1-3 weeks: Our update from last Friday (25 Aug, spot at 1.2600) still stands. As highlighted, the increase in downward momentum suggests GBP is likely to weaken to 1.2530, possibly 1.2480. We will continue to hold the same view as long GBP stays below the ‘strong resistance’ at 1.2685 (level was at 1.2720 last Friday).
风险提示：以上内容仅代表作者或嘉宾的观点，不代表 FOLLOWME 的任何观点及立场，且不代表 FOLLOWME 同意其说法或描述，也不构成任何投资建议。对于访问者根据 FOLLOWME 社区提供的信息所做出的一切行为，除非另有明确的书面承诺文件，否则本社区不承担任何形式的责任。
FOLLOWME 交易社区网址: www.followme.ceo
加载失败()