In its daily technical update, Lloyds Bank assessed the GBP/USD pair’s recent price action and expects further weakness in the near-term.
“Prices have pulled back to 1.2450/1.2400 pivotal support, after testing and holding the range highs. That range between 1.1980 and 1.2800 looks set to continue for now, but while short term momentum studies are biased to the downside and still more positive for the broader USD at the moment we can see further weakness, but need a break of this support region to confirm. 1.2520-1.2560 is interim resistance in this regard.”
“Long term, we believe the decline that started back in 2007 at 2.1160 is close to completing with the move under 1.30. While it is unclear that 1.1491 was the major base, 1.15-1.08 is our ideal ultra-long term basing region.”
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