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GBP/USD risks extra losses in the short term

Elena by Elena
08/09/2023
in GBP exchange rate, News
Sterling could continue to sell off if boe fails to raise rates in its entirety
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Further weakness should not be ruled out around GBP/USD for the time being, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.

Yesterday, we expected GBP to “continue to drop.” However, we highlighted that “a sustained break below 1.2470 is unlikely, and the next major support at 1.2400 is highly likely to be out of reach today.” GBP fell more than expected as it dropped to 1.2445 before ending the day on a soft note at 1.2475 (-0.26%). While downward momentum has not improved much, GBP could continue to decline. That said, the major support at 1.2400 is unlikely to come under threat. In order to keep the momentum going, GBP must stay below 1.2510 (minor resistance is at 1.2490).

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We continue to hold the same view as yesterday (07 Sep, spot at 1.2500). As highlighted, we continue to expect GBP to weaken. However, oversold short-term conditions could slow the pace of any further decline, and the next major support at 1.2400 might not come into view so soon. Overall, only a breach of 1.2555 (‘strong resistance’ level was at 1.2605) would suggest that the GBP weakness that started on Monday has stabilised. Looking ahead, if GBP were to break clearly below 1.2400, it could trigger a further decline towards 1.2310.

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Elena

Elena

Elena, a seasoned foreign exchange trader with a proven track record in the dynamic world of currency markets, brings a wealth of expertise and professionalism to the financial realm. With an extensive background spanning over a decade, she has honed her skills in analyzing global economic trends and implementing strategic trading solutions. Known for her meticulous attention to detail and analytical prowess, Elena has navigated through volatile market conditions with finesse, consistently delivering impressive results for her clients. Her comprehensive understanding of macroeconomic indicators, coupled with a keen awareness of geopolitical events, allows her to make informed decisions that optimize trading portfolios. Elena's commitment to staying ahead of the curve is evident in her continuous pursuit of knowledge and mastery of cutting-edge trading technologies. Her disciplined approach to risk management ensures prudent investment strategies, instilling confidence in both colleagues and clients alike.

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