Pound Sterling (GBP) could retest the 1.3385 stage; a sustained break under this stage appears unlikely for now. Within the longer run, downward momentum is starting to construct; it could take some time earlier than 1.3335 comes into view, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
It could take some time earlier than 1.3335 comes into view
24-HOUR VIEW: “After GBP fell to 1.3383 and rebounded strongly, we highlighted the next final Friday: ‘Though the rebound appears stretched, GBP might check 1.3500 earlier than a pause or pullback is probably going. The sturdy resistance at 1.3520 is unlikely to come back beneath menace.’ Our evaluation was not improper, as GBP rose to 1.3511 after which pulled again to shut at 1.3451. Right now, GBP dropped sharply on the open, and downward momentum is constructing. GBP could retest the 1.3385 stage, however a sustained break under this stage appears unlikely for now. Resistance is at 1.3445 and 1.3465.”
1-3 WEEKS VIEW: “Final Thursday, 19 Jun, when GBP was at 1.3415), we indicated that “downward momentum is starting to construct, however it could take some time earlier than 1.3335 comes into view.” We additionally indicated that ‘solely a break of 1.3520 (‘sturdy resistance’ stage) would imply that the buildup in momentum has light.’ Final Friday, GBP rose to 1.3511 after which pulled again. As our ranges stays intact, we proceed to carry the identical view.”
