In opinion of FX Strategists at UOB Group, GBP/USD remains focused on a potential breach of 1.4080 – UOB
24-hour view: “We highlighted yesterday that GBP ‘could dip below 1.4080 but the next support at 1.4050 is not expected to come into the picture’. In line with our expectation, GBP dropped to 1.4069 before rebounding to end the day little changed at 1.4105 (-0.06%). Downward pressure has eased and GBP is unlikely to weaken further. For today, GBP is more likely to consolidate and trade between 1.4080 and 1.4140.”
Next 1-3 weeks: “Our update from yesterday (14 Jun, spot at 1.4115) still stands. As highlighted, shorter-term momentum has improved but GBP has to close below 1.4080 before a move to 1.4050 can be expected. At this stage, the prospect for GBP to close below 1.4080 is not high but it would increase as long as GBP does not move above 1.4185 (‘strong resistance’ level) within these few days.”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
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.