GBP/USD will continue to move within a consolidation range in the coming weeksas suggested by Lee Sue Ann, UOB Group Economist, and Quek Ser Leang, Market Strategist.
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24 hour view: Although GBP/USD rallied to a high of 1.2739 yesterday, there was no significant increase in bullish momentum. That being said, there is a chance GBP/USD will test 1.2755 before the risk of a pullback increases. The main resistance at 1.2800 is not expected to be threatened. Support is at 1.2695, followed by 1.2670.
Next 1-3 weeks: After falling to 1.2591 last Friday, GBP/USD has rebounded strongly in recent days. The recent buildup of bearish momentum has faded. The current price movement is likely to be part of a consolidation phase. For now, we expect GBP/USD to trade in a 1.2630/1.2800 range.
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.
