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GBP/USD: Chance for GBP to test 1.3355 – UOB Group
Key Takeaways (30s Read)
Analysis on the short-term movements of GBP/USD.
UOB Group's FX analysts, Quek Ser Leang and Lee Sue Ann, suggest that GBP/USD has a chance to test the level of 1.3355. This level serves as a possible barrier before reaching the current support at 1.3315. However, they forecast a negative long-term outlook for GBP, indicating a potential decline to 1.3315 thereafter. Given the current market environment, there are substantial risks associated with GBP, and downward pressure may persist. Traders should consider potential short-term gains in GBP/USD, while being mindful of the long-term bearish risks.
AI Analyst
AI Opinion
"The movements of GBP/USD show potential for short-term gains, yet long-term downward pressure may escalate. The 1.3355 level is critical, but if broken, further rises might not be sustainable. Given the deteriorating market risk environment, it is essential to consider the downside risks for GBP. Traders need to adopt a cautious strategy while keeping a close eye on support levels in this context."
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