GBP/USD should remain between 1.2330 and 1.2520 for nowaccording to economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group.
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24 hour view: “Yesterday we noted that ‘rebound in oversold conditions suggests GBP/USD is unlikely to weaken further’ and we expected GBP/USD to consolidate and trade between 1.2355 and 1.2450. GBP/USD subsequently traded in a range narrower than expected (1.2383/1.2452). Price action lacks direction and we expect GBP/USD to trade in a range today, likely between 1.2390 and 1.2450.”
Next 1-3 weeks: “We continue to hold the same view as Monday (10 Apr, GBP/USD at 1.2425). As we have highlighted, GBP/USD is likely to consolidate between 1.2330 and 1.2520 for the time being.”
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.
