GBP Sees Further Downside Risk Amid Oversold Conditions

British Pound (GBP) prices have been under pressure after four consecutive daily declines. According to UOB's Quek Ser Leang, short-term momentum has not intensified. Intraday, GBP is expected to range between 1.3335 and 1.3390.

The downside risk for the British Pound extends towards 1.3350 and possibly 1.3300 over a 1-3 week period. Strong resistance is marked at 1.3435. Yesterday, GBP dropped to 1.3375 before rising to 1.3407 and then plummeting to a low of 1.3337.

Despite the decline, conditions remain deeply oversold. It's unclear whether GBP has sufficient momentum to reach 1.3300. A breach of the 'strong resistance' at 1.3435 would indicate that the weakness in GBP is stabilising.