0802 GMT - The British pound is likely to continue its downtrend against the U.S. dollar, based on a weekly chart, says Quek Ser Leang at UOB's Global Economics & Markets Research. With the 21-week exponential moving average crossing below the 55-week exponential moving average, the pound is expected to maintain its decline against the greenback in coming weeks, says the markets strategist. Significant weekly support is at the September 2023 low of 1.2039, he adds. GBP/USD falls 0.8% to 1.2266 after touching 1.2260 earlier, its lowest intraday level since November 2023, according to FactSet. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
January 09, 2025 03:02 ET (08:02 GMT)
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