GBP/USD: A drop to 1.2350 appears on the cards – UOB – by pabspiovano GBPUSD Currencies Majors Banks
24-hour view: “Our view for GBP to consolidate yesterday was incorrect as it plummeted to 1.2392 before recovering slightly to end the day at 1.2409 . Today, as long as it stays below 1.2460 , it could break the major support at 1.2390. In view of the oversold conditions, the next major support at 1.2350 is unlikely to come into view today.”
Next 1-3 weeks: “One week ago, 12 May, when GBP was trading at 1.2515, we indicated that ‘GBP strength has ended and the downside risk is building quickly’. We added, ‘If GBP breaks below 1.2445, it could trigger a rapid decline to 1.2390’. While GBP took out 1.2445, the anticipated ‘rapid decline’ did not materialize. On Monday , we highlighted that GBP ‘is likely to weaken further to 1.2390 but oversold short-term conditions could slow the pace of any further decline’.
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