According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, GBP/USD seems to have entered a consolidation phase, probably between 1.1890 and 1.2055.
Featured Comments
24 hour view: “Our expectations of GBP/USD ‘going higher’ were wrong as it fell sharply but briefly to 1.1891 before bouncing back to end the day at 1.2004 (+0.20%). The bounce could extend to 1.2025. In view of the lackluster upside momentum, the main resistance at 1.2055 is unlikely to come into the picture, support is at 1.1960, followed by 1.1920.”
Next 1-3 weeks: “Three days ago (July 19, GBP/USD at 1.1945), we held the view that the GBP/USD bounce could extend to 1.2055. Subsequently, GBP/USD rose to 1.2044, but fell below our level yesterday of ‘strong support’ at 1.1915 (low 1.1890). Break of ‘strong support’ indicates that the upside momentum has subsided. In other words, GBP/USD is unlikely to bounce further. Instead, GBP/ USD appears to have entered a consolidation phase and is likely to trade in a range of 1.1890/1.12055 for now Going forward, GBP/USD has to clearly break above 1.2055 before a move is likely. steady progress.”
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
