GBP/USD risks falling further in the near termas suggested by Lee Sue Ann, economist at UOB Group, and Quek Ser Leang, Market Strategist.
Featured Comments
24 hour view: “We highlighted yesterday that “there is room for GBP/USD to move below 1.2000, but any weakness is considered part of a lower trading range at 1.1980/1.2060.” We did not anticipate the heightened volatility that occurred when GBP/ USD fell to 1.1962 and rebounded sharply to 1.2095 before closing at 1.2050 (+0.23%). Price moves are likely to be part of a wide consolidation range. Today, we expect GBP/USD to trade between 1.2000 and 1.2110.” .
Next 1-3 weeks: “Our update from two days ago (Feb 6, GBP/USD at 1.2050) remains valid. As highlighted, a further increase in bearish momentum suggests further GBP/USD weakness, but it remains to be seen if important support of 1.1845 will show up. Overall, only a break of 1.2150 (no change at the ‘strong resistance’ level) would indicate that the GBP/USD weakness started late last week has ended.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
