In the opinion of currency strategists at the UOB Group, the GBP/USD moving within the range of 1.3500-1.3645 In the next weeks.
Featured Comments
24 hour view: “We were expecting GBP/USD to ‘consolidate and move between 1.3565 and 1.3630’ yesterday. However, GBP/USD slumped to 1.3639 before making a quick rebound to end the day slightly below 1.3587 (-0.12 The choppy price action has given rise to a mixed outlook and GBP/USD could trade within a relatively wide range of 1.3560/1.3625 by today.”
Next 1-3 weeks: “Last Thursday (Feb 17, GBP/USD at 1.3585), we highlighted that GBP/USD has to close above 1.3645 before a sustained advance is likely. As GBP/USD struggled to break above 1.3645, we highlighted the Monday (Feb 21, GBP/USD at 1.3595) that the probability of GBP/USD moving clearly above 1.3645 has diminished Yesterday (Feb 22), GBP/USD fell below our level of ‘strong support’ at 1.3545 (low 1.3539).Breakage of ‘strong support’ indicates GBP/USD is not ready to head higher on a sustained basis.In other words, GBP/USD is likely to move sideways for now. Expect to be between 1.3500 and 1.3645.”
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
