The prospects of GBP/USD retest of 1.1976 seems unlikely for now, UOB Group FX strategists Quek Ser Leang and Peter Chia suggest.
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24 hour view: “The current movement of GBP/USD is probably part of a consolidation phase. For today, GBP/USD is likely to consolidate and move between 1.2080 and 1.2175.”
Next 1-3 weeks: “We turned negative on GBP/USD in the middle of last week. In our latest account from last Friday (July 31, GBP/USD at 1.2160), we noted that ‘bearish momentum is starting to wane’ and that ‘a break of the strong resistance at 1.2205 would indicate that 1.2040 is out of reach’ We had not anticipated the strong sell-off to 1.1976 and the subsequent bounce The bearish momentum has subsided further and the possibility of GBP/USD moving below of 1.1976 is not high. That said, only a break of 1.2205 (with no change in the ‘strong resistance’ level) would indicate that the phase of weakness has come to an end.”
Source: Fx Street
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