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UOB: The British pound against the US dollar may accelerate its decline, but the drop will be limited.
uob's global economy and market research market strategist Quek Ser Leang stated that the british pound against the dollar may accelerate its decline, although the extent of the drop could be limited. Leang mentioned that even though the weak state of the british pound against the dollar has not stabilized, the daily and weekly stochastic indicators are in the oversold area, and the downward momentum on the daily chart is slowing down. Leang pointed out that the expected decline of the british pound against the dollar has exceeded uob's technical target, falling to a low of 1.2475 on Friday. He added that this level has provided strong support in the short term.
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