GBP/USD: ready to tackle the 1.2900 area? – UOB

Pablo Piovano FXStreet

Cable remains under pressure and could attempt a move to the 1.2900 level in the short-term, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “GBP traded in-line with our expectations overnight, revisiting the Mon’s session lows near 1.2960 (overnight low 1.2955). However, the subsequent rebound to above 1.30 neutralized a large portion of the downside momentum. From here, it is likely GBP would consolidate first at a lower 1.2915/1.3050 range and a move above 1.3120 would indicate that the current downwards phase has ended.”

Next 1-3 weeks: “Our previous rhetoric was that GBP ‘risks breaking bottom of 1.3000/1.3300 range’. Overnight (13-Jan), GBP took out 1.3000 convincingly and traded to a low of 1.2961 before closing at 1.2987. The subsequent build-up of downside pressures means that GBP is ready to take on Dec’s lows at 1.2900 next. All in, GBP is expected to stay under pressure with resistance at 1.3065 and a strong close above 1.3130 would ‘neutralize’ the current downward pressure.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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