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Forex

GBP/USD Consolidation Expected After Sharp Drop

Guavy AI Editorial Team
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USD GBP
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UOB's Quek Ser Leang notes that the British Pound (GBP) has experienced a sharp drop against the US Dollar, but this decline appears overdone. The currency rebounded from a low of 1.3479 to close at 1.3535 on Friday.

According to UOB, the GBP/USD is expected to consolidate between 1.3485 and 1.3540 in the short term. However, if it closes below 1.3495, a break of 1.3475 is likely to occur.

Looking at the broader trend, the pullback has scope to extend towards 1.3410. UOB advises to watch key supports and trade within the range.

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