Created
: 2024.11.01
2024.11.01 18:50
The Pound Sterling (GBP) is likely to trade in a range, probably between 1.2860 and 1.2950. In the longer run, GBP must break and remain below 1.2845 before a sustained decline can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "Yesterday, GBP fell by 0.48%, closing at a 2-1/2-month low of 1.2899. The sharp drop appears to be overdone, and GBP is unlikely to weaken much further. Today, GBP is more likely to trade in a range, probably between 1.2860 and 1.2950."
1-3 WEEKS VIEW: "We indicated on Wednesday (30 Oct, spot at 1.3010) that 'While GBP is expected to trade in a 1.2950/1.3070 range for now, the slightly firm underlying tone suggests it will likely test the top of the range first.' GBP subsequently rose to 1.3043, but in a sudden move yesterday, it plunged sharply to a low of 1.2845. While there has been a buildup in momentum, GBP must break and remain below 1.2845 before further sustained decline can be expected. The likelihood of GBP breaking clearly below 1.2845 will remain intact, provided that 1.2985 is not breached. Looking ahead, the next level to watch below 1.2845 is 1.2795."
Created
: 2024.11.01
Last updated
: 2024.11.01
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