GBP/USD sticks to the consolidative range near term – UOB – by pabspiovano GBPUSD Currencies Majors Banks
, likely within 1.1950 and 1.2190, suggest Markets Strategist at UOB Group Quek Ser Leang and Senior FX Strategist Peter Chia.24-hour view: “We did not expect the sharp drop in GBP to 1.2012 yesterday . Despite the decline, there is no significant increase in downward momentum. Today, GBP could drop further but any decline is likely part of a lower trading range of 1.2000/1.2150. In other words, a clear break of 1.2000 is unlikely.
Next 1-3 weeks: “On Tuesday , we highlighted that upward momentum is beginning to build but GBP has to break clearly above 1.2240 before a sustained advance is likely. We added, ‘the chance of a clear break above 1.2240 will remain intact as long as GBP stays above 1.2040’. GBP did not break 1.2240 but instead, dropped to a low of 1.2012 yesterday. Despite the relatively sharp drop, downward momentum has not improved much.
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