GBP/USD: Focus now shifts to 1.2650/1.2600 – UOB By pabspiovano GBPUSD Currencies Majors Banks
24-hour view: “While we expected GBP to ‘weaken further’ yesterday, we were of the view that ‘any further weakness could be limited to a test of 1.2770’. The subsequent weakness exceeded our expectations by a wide margin as GBP plunged to a low of 1.2697 before rebounding. Conditions remain deeply oversold and GBP is unlikely to weaken much further. For today, GBP is more likely to trade between 1.2690 and 1.2790.
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