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GBP/USD: Bearish pressure seems subdued – UOB

In the opinion of economist Lee Sue Ann and UOB Group Market Strategist Quek Ser Leang, GBP/USD bearish bias seems to be wearing out.

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24 hour view: “Yesterday, we expected GBP/USD to trade sideways in a 1.2420/1.2500 range. GBP/USD traded between 1.2414 and 1.2471 before closing broadly unchanged at 1.2437 (-0.07%). A further sideways move would not be surprising , probably between 1.2400 and 1.2480”.

Next 1-3 weeks: “We continue to hold the same view as yesterday (May 22, GBP/USD at 1.2460). As highlighted, the bearish momentum has slowed, but only a clear break above 1.2500 (no change to the ‘strong’ level). resistance”) would indicate that the GBP/USD weakness started over a week ago has come to an end. Looking ahead, if GBP/USD breaks below 1.2390 in the coming days, the next level to watch is 1.2350 “.

Source: Fx Street

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