According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, the GBP/USD should navigate within the range of 1.2040-1.2400 In the next weeks.
Key comments
24 hour view: “We expected further strength from GBP/USD last Friday. However, GBP/USD fell to as low as 1.2174 before bouncing back. Current price action appears to be part of a consolidation phase and GBP/USD is likely to USD is moving sideways today, expected to be in a range of 1.2150/1.2300.”
Next 1-3 weeks: “Last Friday (June 17, GBP/USD at 1.2355), we highlighted that the recent weakness in GBP/USD is over and we believe that a strong short-term bullish push could lead to a rally to 1.2460. We did not expect the Strong subsequent pullback to low of 1.2174. Seeking but short-lived swing has led to a mixed picture. GBP/USD could continue to trade choppy, likely between 1.2040 and 1.2400.”
Source: Fx Street
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