GBP/USD: A dip below 1.2200 is still possible — UOB

Considering the opinion of the Forex market (FX) strategists at UOB Group Lee Sue Ann and Quek Ser Leang, "Cable still threatens a deeper pull back to around 1.2200 level.”

May 10, 2022 - 03:21 PM 273 views

GBP/USD: A dip below 1.2200 is still possible — UOB

Market News

© GBP/USD: A dip below 1.2200 is still possible — UOB

Free Enquiry Now

Considering the opinion of the Forex market (FX) strategists at UOB Group Lee Sue Ann and Quek Ser Leang, "Cable still threatens a deeper pull back to around 1.2200 level.”

Important Comments:

24 Hour View: On the previous day, we highlighted that the weakness in the GBP currency seems to have been stabilised and rarely does the GBP weaken to further heights. We predicted GBP to trade between the 1.2270 and 1.2370 range. In a similar fashion, GBP is traded more than the predicted range (1.2262/1.2405) prior to the final closure, which is less modified at 1.2330 (-0.07%). The GBP moves are likely to be a part of consolidation, and today, we predict GBP to trade between 1.2280 and 1.2410.

In 1-3 Weeks: On last Friday (6th May, spot at 1.2370), we highlighted that GBP values were lower and provided support at 1.2250. Prior to the recovery, GBP fell to a low of 1.2262 on the previous day (9th May).We carry on to watch for threats to the lower GBP values, although the short-term downward movement has shrunk somewhat. Overall, GBP broke and fell below 1.2250 prior to a move of 1.2200. On the other hand, a breach of 1.2450 indicates that the GBP is not ready to break at the 1.2250 level.

Share With -

 

No comments yet for this post

Please Login to comment this article.

If not a registered user yet, Please signup here