GBP/USD faces range bound between 1.2140 and 1.2340 in the near term – UOB

In the opinion of economist Lee Sue Ann and UOB Group Market Strategist Quek Ser Leang, GBP/USD should remain sideways for the time being.

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24 hour view: “Our view that GBP/USD would trade in a range last Friday was incorrect as it fell sharply to 1.2192 before bouncing. The bounce in oversold conditions suggests that GBP/USD is unlikely to weaken much further. Today, GBP/USD is more likely to trade sideways between 1.2200 and 1.2300.”

Next 1-3 weeks: “We expect GBP/USD to rally from the beginning of last week. In our most recent update last Friday (March 24, GBP/USD at 1.2275), we stated that “although GBP/USD strength remains intact, momentum The short-term bullishness is starting to wane, and this, combined with the overbought conditions, suggests that 1.2400 might be out of reach this time.” During the London session, GBP/USD fell sharply to a low of 1.2192. Although our “strong support” level at 1.2190 has not been broken, the bullish momentum has waned somewhat. In other words, the GBP/USD strength of the entire week is over. The current move is likely to be part of a consolidation phase. From here, GBP/USD could trade in a 1.2140/1.2340 range.”

Source: Fx Street

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