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27 Sep 2023

GBP/USD now looks at 1.2100 – UOB

Extra weakness could drag GBP/USD to the 1.2100 region in the next few weeks, note UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.

Key Quotes

24-hour view: Yesterday, we held the view that “the downside risk in GBP is limited.” We expected it to trade in a range of 1.2170/1.2245. Instead of trading in a range, GBP fell to a low of 1.2154. Today, further GBP weakness is not ruled out, but subdued downward momentum suggests the major support at 1.2100 is likely out of reach. Resistance is at 1.2175; if GBP breaks above 1.2195, it would mean that the weakness in GBP has stabilised.

Next 1-3 weeks: There is not much to add to our update from yesterday (26 Sep, spot at 1.2215). As highlighted, the GBP weakness that started early this month is still in place. GBP could continue to weaken, and the next level to watch is 1.2100. The weakness in GBP will remain intact as long as it stays below 1.2245 (‘strong resistance’ level previously at 1.2295).  

Sep 27, 2023

USD/CNH sticks to modest gain near 7.3100 amid the Fed’s hawkish stance

The USD/CNH pair posts modest gains around 7.3125 during the Asian session on Wednesday. The higher-for-longer rate narrative in the US may undermine
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Sep 27, 2023

Crude Oil Futures: Door open to extra upside

Considering advanced prints from CME Group for crude oil futures markets, open interest resumed the uptrend and went up by around 8.4K contracts, sett
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