0648 GMT - GBP/SGD will likely remain under pressure, based on charts, UOB Global Economics & Markets Research says in a report. Over the past few sessions, the currency pair has broken below the bottom of the daily Ichimoku cloud, while the 21-day exponential moving average has crossed below the 55-day EMA, markets strategist Quek Ser Leang notes. Also, the weekly moving average convergence divergence indicator has crossed into negative territory, which suggests GBP/SGD will probably stay under pressure, at least for the next one to two months, the strategist says. Support levels to watch are the early January low of 1.6720 and the weekly Ichimoku cloud's bottom, which is at 1.6625, the strategist adds. GBP/SGD is little changed at 1.6823. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
April 23, 2024 02:48 ET (06:48 GMT)
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