It is expected that the GBP/USD trade within the range of 1.2050-1.2245 in the coming weeks, UOB Group FX strategists Quek Ser Leang and Peter Chia suggest.
24 hour outlook: “The pound’s rapid drop to 1.2100 last Friday came as a surprise (we had expected it to trade between 1.2160 and 1.2240). Despite the decline, the downward momentum is not strong. That said, there is room for it to fall first to 1.2090 before a more sustained bounce is likely. The main support at 1.2050 is not expected to be threatened. To the upside, the breakout of 1.2180 (minor resistance is at 1.2160) would indicate that the current bearish pressure has eased.”
Next 1-3 weeks: “After it spiked to a high of 1.2277 last Thursday (Aug 11, pair at 1.2215) we noted that although risk had shifted to the upside, it has to break major resistance at 1.2300 before it is likely to break.” a new sustained advance Last Friday the GBP fell sharply and broke our ‘strong support’ at 1.2125 (1.2100 low). bullish momentum has dissipated and the pound is likely to trade sideways from here, expected to trade in a range of 1.2050/1.2245“.
Source: Fx Street

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