GBP/USD is expected to trade between 1.2470 and 1.2670 for now, according to UOB Group currency strategists Quek Ser Leang and Peter Chia.
Key comments
24 hour view: “Last Friday we highlighted that ‘the rapid advance appears to be running ahead of itself and GBP/USD is unlikely to strengthen much further’ and we expected GBP/USD ‘to move between 1.2510 and 1.2610’. Subsequently, the GBP/USD rallied as high as 1.2590 before falling sharply to 1.2486 Bearish momentum has improved a bit and GBP/USD could drop below support at 1.2470 Next support at 1.2430 unlikely to be threatened Resistance is found at 1.2520, followed by 1.2545”.
Next 1-3 weeks: “Last Friday we highlighted that the outlook for GBP/USD is mixed and we expect it to move between 1.2470 and 1.2670. For now there is no change in our opinion, although the underlying tone has softened and GBP/USD could fall below from 1.2470 support. Looking ahead, GBP/USD needs to close below 1.2430 before a sustained decline is likely.”
Source: Fx Street
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