Analysts from Lloyds Bank explain that the long-term trend in the GBP/USD pair remains down with risks for a test of 1.35.
“A sharp decline, aligned with the EURGBP range breakout, from the range highs in the 1.4480-1.4515 on Friday suggests that further weakness to re-test range support in the 1.4065 region can be seen. 1.4275/1.4325 are the intra-day resistance levels that should cap in this regard.”
“Medium-term we expect the market to trade a range between 1.3850-1.35 support and 1.45-1.48 resistance.”
“Long-term the trend remains down, with the greater risk still for a test below 1.35 key support (which has held since 1985). 1.28 is seen as key support below. A move back through 1.48/1.50 is needed to alleviate this underlying bear bias.”
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