According to UOB Group economist Lee Sue Ann and market strategist Quek Ser Leang, the GBP/USD hold the 1.2000-1.2210 range in the coming weeks.
24 hour perspective: “The strong advance of the pound to a high of 1.2147 was a surprise (we expected the GBP to trade in a range). Although overbought, the rapid rally could extend to 1.2165 before risk of a reversal increases. The main resistance at 1.2210 does not look like it will appear. Support is at 1.2065, followed by 1.2030.”
Next 1-3 weeks: “In our most recent analysis on Monday (Feb 20, pair at 1.2035), we indicated that as long as the strong resistance of 1.2100 is not broken in the next few days, there is still a small chance that it will break below 1.1900. Yesterday, The pound reached a high of 1.2147.Breaking above this strong resistance level indicates that the weakness started late last week has come to an end.Current price moves appear to be part of a broad consolidation range and it is likely to trade between 1.2000 and 1.2210 at the moment.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
