GBP/USD: Expected To Fall Below 1.2600

GBP/USD could fall below 1.2600. Analysts at UOB Group note that GBP’s downside momentum has picked up, but it is unlikely to hit the next major support at 1.2550.

Above 1.2630, GBP could hit 1.2650

24-hour view: “GBP/USD’s sharp decline to lows of 1.2616 was surprising (we expected range trading). Strong downside momentum suggests GBP could fall below major support at 1.2600. However, oversold conditions suggest that the next major support at 1.2550 is unlikely for now. Resistance is seen at 1.2630 and 1.2650.

1-3 week view: “We have maintained a negative view on GBP since the beginning of last week. After GBP fell to 1.2622 and rebounded strongly, we said two days ago (June 25, now 1.2680) that ‘slowing momentum suggests GBP weakness to 1.2600 is unlikely. However, we added that ‘only a break of 1.2705 would indicate GBP’s decline has stabilized. Yesterday, GBP plunged to 1.2616. GBP’s downward momentum is re-emerging and a break of 1.2600 would not be surprising. The next focus below 1.2600 is 1.2550. On the upside, ‘strong resistance’ moves down from 1.2705 to 1.2680.

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