According to Lee Sue Ann and Quek Ser Leang, currency strategists at the UOB Group, now GBP/USD is expected to trade within the range of 1.2975-1.3100 In the next weeks.
Key comments
24 hour view: “We were expecting GBP/USD to ‘consolidate within a range of 1.2985/1.3050’ yesterday. Contrary to expectations, the British pound rose to a high of 1.3069. Despite the advance, the bullish momentum has not improved much and is GBP/USD unlikely to strengthen much further. For today, GBP/USD is likely to move sideways between 1.3010 and 1.3075.”
Next 1-3 weeks: “Two days ago (April 19, GBP/USD at 1.3005), we noted that downward momentum is starting to build, but GBP/USD ‘has to break 1.2940 before sustained decline is likely’. We added that ‘a break of the strong resistance at 1.3075 would indicate that GBP/USD is not ready to head lower’ Yesterday (April 20), GBP/USD rallied to a high of 1.3069. strong’ is not broken, the downside pressure has more or less dissipated. From here, GBP/USD is likely to move sideways for a period of time. Expected to be range bound at 1.2975/ 1.3100”.
Source: Fx Street
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