GBP/USD seen within 1.2900-1.3120 in the near-term – UOB

Cable remains neutral and is forecasted to navigate between 1.2900 and 1.3120 in the next weeks, noted FX Strategists at UOB Group. Key Quotes 24-hour  |  27/10/2020 06:28

Cable remains neutral and is forecasted to navigate between 1.2900 and 1.3120 in the next weeks, noted FX Strategists at UOB Group.

Key Quotes

24-hour view: “Our view for GBP yesterday was that it ‘could drift lower but is unlikely to break the strong support at 1.2990’. Our expectation was not wrong as GBP dropped to 1.2993, rebounded quickly to 1.3075 before easing off. The underlying tone has weakened and GBP could dip below 1.2990 from here. That said, the next support at 1.2960 is unlikely to come into the picture. Resistance is at 1.3050 followed by 1.3075.”

Next 1-3 weeks: “We highlighted yesterday (26 Oct, spot at 1.3050) that ‘upward momentum is beginning to ease’ and added, ‘GBP has to move and stay above 1.3120 within these 1 to 2 days or the odds for further GBP strength would diminish quickly’. GBP subsequently came close to breaching our ‘strong support’ level at 1.2990 (low of 1.2993) and closed on a soft note at 1.3022 (-0.13%). Upward momentum has deteriorated further and further GBP appears unlikely. GBP is more likely to consolidate and trade between 1.2900 and 1.3120 for now.”

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on FX
and other asset classes for Market Insight viewers

RISK WARNING

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

  • ForexF
  • IndicesI
  • CommoditiesC
        Back

        Login to Market Insight Account

        Your Market Insight account gives you access to the tools that we offer our customers including our
        Technical Studies & Sentiment for your accounts.

        Forgot Password?

        Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

        Create a Market Insight's Account

        Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

        register_ty

        Thank you!

        Welcome to Market Insight family!

        You have succesfully completed the registration.
        We will send you an e-mail to give you some
        instructions and our Terms and Conditions!
        Our account representatives will be contacting you as
        soon as possible. If you have any further questions
        please do not hesitate to mail us via info@marketinsight.com