Title: GBP Weakness Continues as Major Support at 1.2780 Looms – Expert Analysis
As the world’s top investment manager and financial market journalist, I bring you the latest insights on the Pound Sterling (GBP) and its potential for further weakness. According to UOB Group FX analysts Quek Ser Leang and Peter Chia, the increase in momentum suggests that GBP is likely to weaken even more, with the major support level at 1.2780 looming on the horizon.
In the short-term view, GBP is expected to remain below 1.2895 to maintain its downward momentum, with minor resistance at 1.2875. While a decline to 1.2780 is unlikely to happen today, there is another support level at 1.2820 to watch out for.
Looking ahead to the next 1-3 weeks, GBP is anticipated to continue trading with a downward bias towards 1.2780, as long as the strong resistance level at 1.2920 remains unbreached. Downward momentum is starting to build, but a significant decline is not expected at this time.
In summary, GBP is showing signs of weakness and is likely to face further downward pressure in the near future. Investors should keep a close eye on the major support level at 1.2780, as breaching this level could lead to more significant declines in the GBP. Stay informed and watch the market closely to make informed decisions about your finances.