faces tough contention around 1.2720, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: We highlighted last Friday that “further GBP weakness is not ruled out.” We added, “The major support at 1.2720 is likely out of reach.” GBP weakened less than expected, as it rebounded strongly from 1.2767 . Despite the strong rebound, there is no clear increase in momentum, and GBP is unlikely to rise much further.
Next 1-3 weeks: There is not much to add to our update from last Friday . As highlighted, “downward momentum is building again, it remains to be seen if GBP can break the major support at 1.2720.” All in all, we expect GBP to trade with a downward bias as long as it stays below 1.2930 . Information on these pages contains forward-looking statements that involve risks and uncertainties.
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