Weekly Forex Market Forecasts for February 19th – February 23rd

Cable is still expected to resume the downside and drop to the 1.2140 region in the short-term horizon, suggested FX Strategists at UOB Group.24-hour view: “Instead of “weaken further”, GBP spiked to 1.2292 before dropping back quickly to end the day largely unchanged at 1.2205 (-0.09%). While downward pressure has eased, there is scope for GBP to drift lower to 1.2180. For today, a sustained decline below this level is unlikely. Resistance is at 1.2250 followed by 1.2275. The high near 1.2290 is likely ‘safe’ for today”.Next 1-3 weeks: “The sudden lurch lower and the ease by which GBP cracked the 01 Oct low of 1.2205 came as a surprise (overnight low of 1.2195). The price action indicates that the sideway-trading phase that started last Friday (04 Oct, spot at 1.2335) ended sooner than expected. From here, GBP is expected to trade with a downward bias towards 1.2140. At this stage, it is too early to expect a sustained decline below this level (momentum is not as strong as preferred). All in, GBP is expected to stay under pressure unless it can move above the ‘strong resistance’ level of 1.2300”.Forex Crunch is a site all about the foreign exchange market, which consists of news, opinions, daily and weekly forex analysis, technical analysis, tutorials, basics of the forex market, forex software posts, insights about the forex industry and whatever is related to Forex.Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and the trader’s level of experience should be carefully weighed before entering the Forex market. There is always a possibility of losing some or all of your initial investment / deposit, so you should not invest money which you cannot afford to lose. The high risk that is involved with currency trading must be known to you. Please ask for advice from an independent financial advisor before entering this market. Any comments made on Forex Crunch or on other sites that have received permission to republish the content originating on Forex Crunch reflect the opinions of the individual authors and do not necessarily represent the opinions of any of Forex Crunch’s authorized authors. Forex Crunch has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: Omissions and errors may occur. Any news, analysis, opinion, price quote or any other information contained on Forex Crunch and permitted re-published content should be taken as general market commentary. This is by no means investment advice. Forex Crunch will not accept liability for any damage, loss, including without limitation to, any profit or loss, which may either arise directly or indirectly from use of such information. .