GBP/USD faces further weakness near term

As described in our last idea on GBP/USD a Double top occurred after the release of economic news.

Economist Lee Sue Ann and market strategist Quek Ser Leang at UOB Group believe that further declines in the GBP/USD exchange rate are still likely to occur over the coming weeks.

Key Quotes Day and Night: Even though we anticipated a decline in the value of the pound last Friday, we maintained that "1.2120 is unlikely to be in danger." GBP, however, lost more ground than was anticipated, falling as low as 1.2047. The slide has room to go down to the support of 1.2000 even if it is plainly oversold before stabilization is probable. The next support level at 1.1950 is probably out of reach right now. Resistance is at 1.2100, but stabilization of the GBP's weakening would only be indicated by a breach of 1.2150.

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