GBP/USD is seen trading between 1.2330 and 1.2505 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
has likely moved into a consolidative phase according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “We expected GBP to consolidate between 1.2325 and 1.2385 yesterday. However, after dropping to a low of 1.2328, it lifted off and surged to a high of 1.2447 before closing on a firm note at 1.2413 .
Next 1-3 weeks: “While we have held a negative GBP since the middle of the month, in our latest narrative from last Friday , we indicated that ‘while GBP weakness is intact, it remains to be seen if 1.2175 will come into view this time round’. We added, ‘a breach of 1.2415 would suggest the GBP weakness has stabilized’. Yesterday , GBP soared and cracked 1.2415 . The price actions suggest the GBP weakness has stabilized.
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