GBP/USD is seen navigating the range of 1.2040-1.2400 in the coming weeks, suggest currency strategists at the UOB Group Lee Sue Ann and Quek Ser Leang.
Key comments
24 hour view: “Yesterday we highlighted that ‘current price action appears to be part of a consolidation phase’ and we expect GBP/USD to ‘trade sideways within a range of 1.2150/1.2300’. Our view on sideways movement was not wrong, though GBP/USD traded in a much tighter range than expected (1.2201/1.2277).Further sideways moves, expected within a range of 1.2190/1.2300, seem likely.”
Next 1-3 weeks: “We continue to hold the same view as yesterday (June 20, GBP/USD at 1.2225). As highlighted, recent sharp but short-lived moves have led to a mixed picture and GBP/USD could move further choppy, probably between 1.2040 and 1.2400.”
Source: Fx Street
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