Created
: 2024.10.14
2024.10.14 18:57
The Pound Sterling (GBP) is likely to decline; the major support at 1.3000 is probably out of reach. In the longer run, there has been no further increase in momentum; a breach of 1.3125 would suggest that 1.3000 is out of reach, UOB Group's FC analysts Quek Ser Leang and Lee Sue Ann note.
24-HOUR VIEW: "Last Friday, we expected GBP to trade in a range between 1.3020 and 1.3100. However, GBP traded in a tight range of 40 pips (1.3042/1.3082), its smallest one-day range since early Sep. Despite the quiet price action, downward momentum seems to be building. Today, provided that GBP remain below 1.3090 with minor resistance at 1.3070, it is likely to decline. However, the major support at 1.3000 is probably out of reach (there is another support level at 1.3025)."
1-3 WEEKS VIEW: "We have held a negative GBP view for more than a week (see annotations in the chart below). After GBP fell to 1.3011 and rebounded, we highlighted last Friday (11 Oct, spot at 1.3060) that 'despite the decline, there has been no further increase in downward momentum'. We added, only a breach of 1.3125 ('strong resistance' level) would suggest that 1.3000 is out of reach this time around. We continue to hold the same view."
Created
: 2024.10.14
Last updated
: 2024.10.14
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy