GBP/USD now moved into a consolidative phase – UOB – by pabspiovano GBPUSD Currencies Majors Banks
is now seen trading within the 1.2330-1.2505 range in the next few weeks.24-hour view: “We highlighted yesterday that ‘there is room for GBP to strengthen further but a sustained rise above 1.2455 is unlikely’. We added, ‘any advance is likely part of a higher range of 1.2360/1.2455’. In early London trade, GBP dropped to 1.2350 and then rebounded to 1.2445. Upward momentum is beginning to build and we expect GBP to trade with an upward bias today. However, a break of the major resistance at 1.
Next 1-3 weeks: “Our update from yesterday is still valid. As highlighted, the recent GBP weakness has stabilized. While upward momentum has improved somewhat, it is premature to expect a reversal. For now, GBP is likely to trade in a range between 1.2330 and 1.2505.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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