In the view of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, GBP/USD does not rule out a break below the 1.2500 support in
does not rule out a break below the 1.2500 support in the near term.24-hour view: Our view for GBP to trade in a range yesterday was incorrect, as it fell to a low of 1.2529 and then rebounded to end the day at 1.2564 . While the rebound in oversold conditions has caused momentum to slow, it is too early to expect a bottom. Today, as long as GBP stays below 1.2615 , it might drop further. In view of the oversold conditions, a clear break of 1.2500 is unlikely.
Next 1-3 weeks: Our most recent narrative was from two days ago , when we highlighted that “the risk for GBP appears to have shifted to the downside.” We also highlighted that “as downward momentum is only beginning to build, any weakness is likely to face solid support at 1.2545 and 1.2500.” Yesterday, GBP broke below 1.2545 and dropped to 1.2529. In view of the increase in downward momentum, it seems likely that GBP will break 1.2500.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
GBP/USD attracts some buyers above the 1.2600 area, lacks bullish convictionThe GBP/USD pair recovers some recent losses and holds above the 1.2600 mark during the early European session on Monday. The major pair currently tra
Weiterlesen »
Pound Sterling Price News and Forecast: GBP/USD attracts some buyers above the 1.2600 areaGBP/USD lost nearly 100 pips on Friday and closed the previous week virtually unchanged. With the positive shift seen in market sentiment not allowing
Weiterlesen »
GBP/USD regains footing above 1.2600, amid mixed US data, Labor Day holidayThe British Pound (GBP) rebounds at around last Friday’s low of 1.2580s against the Greenback (GBP) and recovered the 1.2600 figure on Monday amid thi
Weiterlesen »
GBP/USD oscillates in a range above the 1.2600 area, investors await UK PMI dataThe GBP/USD pair oscillates in a narrow range above the 1.2600 mark during the early Monday’s Asian session. The major pair currently trades near 1.26
Weiterlesen »
Pound Sterling Price News and Forecast: GBP/USD flat-lines in a 1.2622-1.2630 rangeThe GBP/USD pair oscillates in a narrow range above the 1.2600 mark during the early Monday’s Asian session. The major pair currently trades near 1.26
Weiterlesen »
GBP/USD flirts with 1.2630 resistance as UK spending details linger, focus on US Factory OrdersGBP/USD justifies the Cable traders’ indecision amid mixed catalysts while making rounds to 1.2630 heading into Tuesday’s London open. Apart from the
Weiterlesen »