GBP/USD might trade between 1.3045 and 1.3120 – UOB Group
|Outlook is mixed; Pound Sterling (GBP) could trade between 1.3045 and 1.3120. In the longer run, there is room for GBP to test the significant support level at 1.3000, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Room for GBP to test the significant support level at 1.3000
24-HOUR VIEW: "GBP fell sharply to a low of 1.3043 on Wednesday. Yesterday, Thursday, we stated that GBP 'could decline further', but we pointed out that 'deeply oversold conditions suggest it is unlikely to break below the major support at 1.3000'. We were incorrect, as after dipping to a low of 1.3040, GBP rebounded strongly to a high of 1.3124. GBP dropped back down from the high to close modestly higher at 1.3069 (+0.09%). The outlook for today is mixed after the choppy price movements. Today, GBP could trade between 1.3045 and 1.3120."
1-3 WEEKS VIEW: "Yesterday (20 Nov, spot at 1.3060), we highlighted that 'there is room for GBP to test the significant support level at 1.3000'. We also highlighted that 'to keep the momentum going, GBP must hold below 1.3150 (‘strong resistance’ level)'. Our view remains unchanged for now."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.