As a top investment manager and financial market journalist, I have the inside scoop on the latest trends in the forex market. According to UOB Group FX strategists Quek Ser Leang and Peter Chia, the Pound Sterling (GBP) is poised to continue its downward trajectory, potentially reaching 1.3035.
Breaking Down the Numbers
In the short term, GBP is expected to weaken further, with major support at 1.3000 remaining intact. The recent decline in GBP has led to an increase in downward momentum, with the currency falling to 1.3068. To maintain this momentum, GBP must stay below 1.3115, with minor resistance at 1.3090.
Looking ahead, the 1-3 week view suggests that GBP could drift lower, possibly reaching 1.3050. The next key level to watch is 1.3000, with a strong resistance level at 1.3140. As long as GBP stays below these levels, the downward trend is expected to continue.
How Does This Impact You?
For everyday investors and traders, this forecast means that the Pound Sterling is likely to weaken in the near future. If you have investments or assets tied to GBP, it may be wise to consider hedging or diversifying your portfolio to mitigate potential losses. Stay informed and be prepared for market movements to make informed decisions about your finances.