The British pound collapsed as further weakness emerged in the UK and the dollar surged forward. What’s next?
Here is the view from UOB:
Here is their view, courtesy of eFXnews:
The ongoing down-move in GBP/USD is likely a resumption of the main bearish trend, says UOB Group.
“The strong and impulsive downward momentum suggests that the current weakness could extend much lower in the coming days.
The next significant support is closer to 1.4740 and below that is the year-to-date low of 1.4565.
In order to maintain the current strong momentum, any rebound should not move back above 1.5080,” UOB projects.
For lots more FX trades from major banks, sign up to eFXplus
By signing up to eFXplus via the link above, you are directly supporting Forex Crunch.
Share
