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Sep 08 - 12:55 PM

GBP: Chart: There Is Room In The Chart For Lower Lows; But Oversold Risk Growing - BofA

By eFXdata  —  Sep 08 - 11:45 AM

Bank of America Global Research discusses GBP technical outlook and sees a scope for a lower lows in the near-term.

"The scope of the monthly chart shown below estimates material support is still lower for GBP vs the USD. The bottom of the red channel is 1.1040 ending 2022 and the next line connecting the major low of 2009 to Brexit low of 2016 is about 1.05," BofA notes.

"Should GBP find some support at 1.10, then it will be 4 points lower than its COVID 2020 lows in the 1.14s which was 4 points lower than the Brexit low in the 1.18s. (An interesting pattern at least)," BofA adds. 

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Source:
BofA Global Research

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