could extend the decline to the 1.2480 zone in the next few weeks, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: We expected GBP to break below 1.2580 last Friday, but we indicated that “it remains to be seen if it can maintain a foothold below this level.” We also indicated that “the next support is at 1.2530.”. In line with our expectations, GBP broke below 1.2580 as it dropped to 1.2548 before ending the day at 1.2577 .
Next 1-3 weeks: Our update from last Friday still stands. As highlighted, the increase in downward momentum suggests GBP is likely to weaken to 1.2530, possibly 1.2480. We will continue to hold the same view as long GBP stays below the ‘strong resistance’ at 1.2685 . Information on these pages contains forward-looking statements that involve risks and uncertainties.
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