The Pound Sterling (GBP) is expected to trade within a range of 1.2810 to 1.2890, with a potential downward bias towards 1.2780, according to UOB Group FX strategists Quek Ser Leang and Peter Chia.
24-Hour View
“Yesterday, we anticipated that GBP would consolidate within the 1.2850 to 1.2895 range,” the strategists noted. “However, GBP dipped below the 1.2850 support level, reaching a low of 1.2807 before rebounding to close nearly unchanged at 1.2860, a 0.05% decrease. Today’s trading is likely to see GBP fluctuate between 1.2810 and 1.2890, as downward momentum remains limited.”
1-3 Weeks View
“Last Friday (July 26, spot at 1.2855), we highlighted the building downward momentum but deemed it too early to predict a significant decline,” the strategists stated. “We mentioned that unless the strong resistance level, then at 1.2920, is breached, GBP would likely trade with a downward bias towards 1.2780. Yesterday’s dip to 1.2807 and subsequent rebound have not significantly altered the downward momentum. Nevertheless, we maintain our view, noting the strong resistance level has now adjusted slightly lower to 1.2910.”
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