According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, Outlook for GBP/USD remains mixed for now.
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24 hour view: “Yesterday we highlighted that ‘sharp swings have led to a mixed outlook and more choppy price action is not ruled out’ and we expect GBP/USD ‘to trade in a range of 1.2200/1.2310’.” Our view of choppy trading was not wrong as GBP/USD fell to 1.2171, rose to 1.2294 and fell again to end the day little changed at 1.2262 (-0.03%). The picture remains mixed and GBP/USD could continue to trade choppy. Expected range for today, 1.2190/1.2305″.
Next 1-3 weeks: “We hold the same view as of Monday (June 20, GBP/USD at 1.2225), where the outlook is mixed and GBP/USD could continue to trade choppy, probably between 1.2040 and 1.2400. Our view was not wrong , as sterling has traded choppy in recent days.Price action offers no new clues and outlook remains mixed.Only a break of the expected range of 1.2130/1.2380 (reduced from 1.2040/1.2400) would suggest that a directional move is likely.”
Source: Fx Street
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