Expert Analysis: Pound Sterling (GBP) Forecasted to Drift Lower but Unlikely to Break Key Support Levels
A sustained break below 1.2710 is unlikely
According to renowned FX analysts Quek Ser Leang and Peter Chia of UOB Group, the Pound Sterling (GBP) is expected to experience a slight downward trend. Despite this, the chances of GBP falling below the key support level of 1.2710 are low.
24-HOUR VIEW: “GBP closed last Friday at 1.2756, with a slight increase in downward momentum. Today, we anticipate GBP to drift lower, with resistance levels at 1.2780 and 1.2800.”
1-3 WEEKS VIEW: After a recent drop to 1.2665, GBP rebounded to 1.2773. While the strong resistance level at 1.2780 remains intact, the likelihood of GBP dropping below 1.2665 is minimal. A breach of 1.2780 could signal a consolidation phase for GBP.
Analysis:
The expert analysis suggests that the Pound Sterling (GBP) is expected to face a mild downward pressure in the near future. However, the key support level at 1.2710 is likely to hold, indicating that a significant decline below this level is improbable. Traders and investors should keep a close eye on resistance levels at 1.2780 and 1.2800 for potential market movements. Overall, while GBP may experience some fluctuations, the overall outlook remains stable with a low probability of a significant drop below key support levels.