GBP/USD faces the next support around 1.1750 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, extra pullbacks could motivate24-hour view: “After the sharp drop on Tuesday, we highlighted yesterday that ‘While further sharp decline is unlikely, there is room for GBP to weaken to 1.1790 before stabilization is likely’. Our expectations did not materialize as GBP traded mostly sideways, aside from dipping briefly to a low of 1.1805 in NY trade.
Next 1-3 weeks: “Our update from yesterday is still valid. As highlighted, while GBP could weaken further, the pace of any further decline is likely to be slower. Support is at 1.1750. The downside risk is intact as long as GBP stays below 1.1950 in the next couple of days.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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