GBP/USD Downside Appears Limited Near 1.44 – UOB
According to analysts at UOB Group, the pair’s downside could struggle to breach the 1.44 support in the near term.
Key Quotes
“We turned neutral GBP last Wednesday and were of the view that the corrective pull-back from the high 1.4770 has scope to extend lower to 1.4400”.
“While
a move below 1.4400 would not be surprising, downward momentum is not
strong at this stage and a sustained move below this level appears
unlikely”.
“That said, a clear break below 1.4400 (say a daily
closing below) could lead a quick drop towards the next support at
1.4300. Overall, this GBP is expected to be on the defensive unless it
can reclaim 1.4545 in the next few days”.
