GBP/USD now faces some consolidation near term – UOB – by pabspiovano GBPUSD Currencies Majors Banks
is now seen navigating within the 1.2650-1.2850 range in the next few weeks according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: Yesterday, we expected GBP to edge higher. We highlighted that “1.2805 is still a solid resistance, and the next major resistance at 1.2850 is unlikely to come under threat.” The price movements did not develop as we anticipated. Instead of edging higher, GBP spiked to 1.2845 and then fell back quickly.
Next 1-3 weeks: Our update from yesterday is still valid. As highlighted, the recent GBP strength has ended and GBP is likely to trade between 1.2650 and 1.2850 for now. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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