Expert Analysis: Pound Sterling (GBP) Continues to Face Downward Pressure, Potential Drop to 1.2645
As the world’s leading investment manager, I bring you the latest insights on the GBP’s performance in the financial markets. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the oversold decline in the Pound Sterling has not yet stabilized, and there is a possibility of further downside towards the 1.2645 level.
Short-Term Outlook: GBP May Test 1.2780
In the next 24 hours, we anticipate the GBP to potentially drop to 1.2645 before any signs of stabilization. The key resistance level to watch is at 1.2710, with a breach of 1.2735 signaling a potential recovery in the GBP’s weakness.
Looking ahead to the next 1-3 weeks, our analysis suggests that the GBP’s downward momentum has picked up pace. With key support levels at 1.2645 and 1.2610, the risk of further downside remains high. As long as the GBP fails to breach the strong resistance level at 1.2780, the downside pressure is likely to persist.
For investors and traders, it is essential to monitor these key levels and developments in the GBP to make informed decisions and manage risks effectively in the volatile financial markets.
Analysis Breakdown: The Pound Sterling (GBP) is currently facing downward pressure in the financial markets, with a potential drop to 1.2645. It is crucial for investors and traders to closely monitor key support and resistance levels to navigate the risks and opportunities in the GBP’s performance.