GBP/USD: Chance of retesting the 1.3535 level – UOB Group
Pound Sterling (GBP) could retest the 1.3535 level against US Dollar (USD); the major support at 1.3510 is unlikely to come under threat. In the longer run, the likelihood of GBP dropping to 1.3510 is increasing, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: “Subsequent to Wednesday’s quiet price action, we pointed out yesterday (Thursday) that ‘momentum indicators are still mostly flat.’ We expected GBP to ‘trade in a sideways range of 1.3570/1.3635.’ Our assessment turned out to be incorrect, as GBP plummeted to a low of 1.3534. The decline, however, was brief, as GBP rebounded swiftly to close largely unchanged at 1.3580 (-0.07%). GBP fell after the close, and today, GBP could retest the 1.3535 level. The current momentum seems to suggest the major support at 1.3510 is unlikely to come under threat. Resistance levels are at 1.3585 and 1.3605.” Read more…
GBP/USD Forecast: Pound Sterling could extend slide unless risk sentiment improves.
After closing marginally lower on Thursday, GBP/USD stays on the back foot and trades below 1.3550 in the European session on Friday. The negative shift seen in risk mood could make it difficult for the pair to stage a rebound heading into the weekend.
The US Dollar (USD) benefited from the better-than-forecast weekly Initial Jobless Claims data in the early American session on Thursday. Later in the day, US President Donald Trump’s tariff announcements caused markets to adopt a cautious stance, providing an additional boost to the USD and weighing on GBP/USD. Read more…
nnn
