is expected to lose traction beyond 1.2475, note Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.24-hour view: “Yesterday, we were of the view that ‘severely oversold decline in GBP could extend but a break of 1.2345 is unlikely’. In line with our expectations, GBP did not break 1.2345 as it dropped to 1.2353 before rebounding slightly to close at 1.2378 . Despite the decline, downward momentum has not improved much.
Next 1-3 weeks: “We continue to hold the same view as yesterday wherein GBP could edge lower but any decline is unlikely to break clearly below the major support at 1.2275. Overall, only a breach of 1.2475 would indicate that the downside bias has faded.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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