GBP/USD clings to the consolidation movement between 1.1950 and 1.2190 – UOB

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Further consolidation, likely within the 1.1950-1.2190 range, is expected in GBP/USD in the coming weeksaccording to Quek Ser Leang, UOB Group Market Strategist, and Peter Chia, Senior Currency Strategist.

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24 hour view: We highlighted yesterday that GBP/USD could fall further, but “any decline is likely to be part of a lower 1.2000/1.2150 trading range.” the day with a slightly firm tone at 1.2110 (+0.45%).GBP/USD could rise today, but is unlikely to hold above 1.2150.Main resistance at 1.2190 is not expected to be threatened. low, a break of 1.2050 (minor support is at 1.2080) would indicate that the current slight bullish pressure has eased.”

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Next 1-3 weeks: “Our update from yesterday (March 16, GBP/USD at 1.2075) remains valid. As we highlighted, GBP/USD is likely to trade in a wide consolidation range, expected to be between 1.1950 and 1.2190.”

Source: Fx Street

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