OctaFX | OctaFX Forex Broker
Open trading account
Back

GBP/USD: A breach of 1.14 remains on the cards – UOB

Cable is not “out of the woods” yet and could still test the 1.1400 area in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “We noted yesterday that ‘there is some tentative sign that the recent frenetic drop in GBP is about to stabile’ and expected GBP to ‘trade in a broad 1.1600/1.1900 range for now’. GBP subsequently traded within a lower range than anticipated (between 1.1445 and 1.1740). GBP is likely still taking a ‘pause’ after dropping sharply recently and for today, GBP is expected to trade between 1.1500 and 1.1780.”

Next 1-3 weeks: “GBP dropped to a fresh low of 1.1413 last Friday before snapping higher to 1.1955 (closed at 1.1671, +1.66%). There is some tentative sign that the recent weakness is stabilizing but only a move above 1.2150 (no change in ‘strong resistance’ level) would indicate that GBP is ready to take a breather from its recent ferocious drop. Meanwhile, GBP could continue to trade in a volatile manner but at this stage, we are not ruling out a break of 1.1400 just yet.”

Gold Futures: Upside remains on the cards

In light of preliminary data from CME Group, open interest in Gold futures markets increased by around 10.5K contracts on Monday, reversing three cons
Read more Previous

USD/JPY Price Analysis: Bulls trying to defend a multi-day old ascending trend-line line support

The USD/JPY pair failed to capitalize on the previous day's strong intraday positive move of around 200 pips, to fresh one-month tops, and witnessed s
Read more Next
Start livechat