Expert analysts predict that the Pound Sterling (GBP) could potentially retest the 1.3050 level before experiencing a more sustained rebound. In the long term, GBP is expected to weaken further, with the next key level to watch being 1.3000, according to UOB Group FX analysts Quek Ser Leang and Peter Chia.
Potential Target: 1.3000 Below 1.3050
24-Hour View: Despite a slight rebound to close at 1.3080 (+0.05%), GBP is still showing signs of weakening. There is a possibility that GBP could retest the 1.3050 level before a more significant rebound occurs. However, the major support at 1.3000 is expected to hold. Resistance levels are at 1.3105 and 1.3120.
1-3 Weeks View: Recent analysis suggests that GBP could continue to weaken, potentially reaching the 1.3050 level. With the currency falling to a low of 1.3049, the next key level to monitor is 1.3000. As long as the strong resistance level at 1.3140 is not breached, the outlook remains the same.
Analysis: The Pound Sterling is facing downward pressure, with a potential retest of the 1.3050 level before a rebound. If the currency weakens further and breaches the 1.3000 level, it could lead to sustained depreciation. Investors should monitor these key levels to make informed decisions about their investments in GBP.