Tentative buildup in momentum suggests Pound Sterling (GBP) is more likely to commerce with a downward bias vs US Greenback (USD); any decline is unlikely to succeed in 1.3230. Within the longer run, room for GBP to proceed to tug again; it stays to be seen if it may attain the foremost help at 1.3160, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Room for GBP to proceed to tug again
24-HOUR VIEW: “Regardless of closing increased by 0.23% at 1.3297 yesterday, there was a tentative buildup in downward momentum. GBP is more likely to commerce with a downward bias at the moment, however on condition that momentum will not be sturdy for now, any decline is unlikely to succeed in 1.3230. The most important help at 1.3160 will not be anticipated to become visible. Resistance ranges are at 1.3300 and 1.3330.”
1-3 WEEKS VIEW: “Whereas the pullback from the late Apr excessive of 1.3445 has not gathered a lot momentum, there may be room for GBP to proceed to tug again. Nonetheless, it stays to be seen if GBP can attain the foremost help at 1.3160. On the upside, a breach of 1.3360 would point out that GBP will not be pulling again additional.”
