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GBP/USD faces the next support around 1.1750 – UOB

In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, extra pullbacks could motivate GBP/USD to revisit the 1.1750 zone in the near term.

Key Quotes

24-hour view: “After the sharp drop on Tuesday, we highlighted yesterday that ‘While further sharp decline is unlikely, there is room for GBP to weaken to 1.1790 before stabilization is likely’. Our expectations did not materialize as GBP traded mostly sideways, aside from dipping briefly to a low of 1.1805 in NY trade. GBP could continue to trade sideways today, expected to be within a range of 1.1800/1.1865.”

Next 1-3 weeks: “Our update from yesterday (08 Mar, spot at 1.1830) is still valid. As highlighted, while GBP could weaken further, the pace of any further decline is likely to be slower. Support is at 1.1750. The downside risk is intact as long as GBP stays below 1.1950 (no change in ‘strong resistance’ level) in the next couple of days.”

Gold Futures: Further range bound on the cards

CME Group’s flash data for gold futures markets noted traders increased their open interest positions by around 1.2K contracts on Wednesday, extending
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No support coming for the Yen, the Loonie or even the Aussie in the near-term – SocGen

Kit Juckes, Chief Global FX Strategist at Société Générale, expects the JPY, CAD and AUD to remain under downside pressure in the short term. USD/CHF
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