GBP/USD now moved into a consolidative phase – UOB – by pabspiovano GBPUSD Currencies Majors Banks
is now seen trading within the 1.1970-1.2150 range.24-hour view: “We highlighted yesterday that GBP ‘is likely to weaken further even though a sustained decline below 1.1915 is unlikely’. GBP dropped to a low of 1.1923 before rebounding strongly to a high of 1.2064. GBP could rise further even though it is unlikely to challenge the major resistance at 1.2150. Note that there is another resistance level at 1.2100. On the downside, a breach of 1.2010 would indicate that upward momentum has eased.
Next 1-3 weeks: “Yesterday , we highlighted that the risk for GBP had shifted to the downside. We did not anticipate the strong rebound that took out our ‘strong resistance’ level at 1.2050 . The price actions suggest GBP is trading in a broad consolidation range and for the time being, likely between 1.1970 and 1.2150.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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