#GBPUSD @ 1.26163 now looks at 1.2540 – UOB
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The upside momentum in GBP/USD could lose some traction if 1.2540 is breached in the near term, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
24-hour view: “We highlighted yesterday that ‘the pullback in GBP could extend but any decline is viewed as a lower range of 1.2575/1.2655’. W added, ‘GBP is unlikely to drop below 1.2575 in a sustained manner’. While GBP declined as expected, it rebounded from a low of 1.2580. The price actions appear to be part of a consolidation and GBP is likely to trade in a range today, expected to be between 1.2585 and 1.2655.”
Next 1-3 weeks: “Our update from yesterday (09 May, spot at 1.2615) is still valid. As highlighted, overbought short-term conditions suggest GBP could stay below the recent high of 1.2668 for 1-2 days. Overall, only a breach of 1.2540 (no change in ‘strong support’ level from yesterday) would indicate that the GBP strength that started late last week is unlikely to reach 1.2720 this time around.”
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