The GBP/USD is now seen within the 1.1680-1.1940 range in the coming weeks, suggest economist Lee Sue Ann and UOB Group market strategist Quek Ser Leang.
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24 hour view: “Our view that GBP/USD would consolidate between 1.1820 and 1.1940 yesterday was incorrect as it plunged to a low of 1.1780. Despite the decline, the bearish momentum has not improved much. However, as long as 1.1880 is not broken (minor resistance is at 1.1855), GBP/USD could retest the 1.1780 level before a larger bounce is likely. Next support at 1.1740 is unlikely to be in the offing.”
Next 1 to 3 weeks: “After GBP/USD soared to a high of 1.2027 last Wednesday (Nov 16, GBP/USD at 1.1880) we noted that GBP/USD could consolidate first before making another push higher and we are of the opinion that the possibility of breaking 1.2100 does not appear to be high.Yesterday (Nov 21), GBP/USD fell below our “strong support” level at 1.1790 (1.1780 low).The bullish pressure has dissipated and GBP/ USD seems to have entered a consolidation phase and is likely to trade between 1.1680 and 1.1940 for now.”
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.
