GBP/USD: First resistance seen at 1.3150 – OCBC

GBP/USD snaps two-day losing streak and is balancing around the 1.31 level. Terence Wu, FX Strategist at OCBC Bank, just expects a deep fall on a break below 1.30. Meanwhile, initial resistance is seen at 1.3150.

Key quotes

“Lack of Brexit progress continues to weigh, but the underlying expectation that a compromise will eventually be trashed out supports for now.” 

“Watch the 1.3050 support, ahead of the 1.3000. A breach of that level may see deeper retracement.”

“On the topside, watch first resistance at 1.3150.”