There may be room for Pound Sterling (GBP) to weaken additional; any decline is probably going a part of a decrease vary of 1.3210/1.3310. Within the longer run, sturdy downward momentum continues to recommend GBP weak spot; the subsequent stage to observe is Might’s low of 1.3140, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Sturdy downward momentum continues to recommend GBP weak spot
24-HOUR VIEW: “We anticipated GBP to ‘consolidate between 1.3315 and 1.3385’ yesterday. Though GBP subsequently rose and examined 1.3385, it plunged in the course of the NY session, reaching a low of 1.3229. At present, there may be room for GBP to weaken additional, however any decline is probably going a part of a decrease vary of 1.3210/1.3310. GBP is unlikely to interrupt clearly under 1.3210 or above 1.3310.”
1-3 WEEKS VIEW: “Our most up-to-date narrative was from two days in the past (29 Jul, spot at 1.3350), through which we highlighted that ‘value motion continues to recommend GBP weak spot, and the subsequent technical goal is 1.3300.’ Yesterday, GBP fell and exceeded our goal, because it dropped to a low of 1.3229. Sturdy downward momentum continues to recommend GBP weak spot, and the subsequent stage to observe is Might’s low of 1.3140. On the upside, the ‘sturdy resistance’ stage is now at 1.3355, fairly than the earlier stage of 1.3445. A breach of the ‘sturdy resistance’ would point out that the weak spot has begun to stabilise.”
