GBP/USD is now seen navigating the 1.1850-1.2080 range in the coming weeks, suggest economist Lee Sue Ann and UOB Group market strategist Quek Ser Leang.
Featured Comments
24 hour view: “Yesterday GBP/USD rallied as high as 1.2188 before slumping to close at 1.1958 (-1.08%). Although oversold, GBP/USD weakness could extend to 1.1915 before stabilizing. Resistance is at 1.2000 but only a break of 1.2030 would indicate that the weakness has stabilized.”
Next 1 to 3 weeks: “The recent buildup of bullish momentum has faded as GBP/USD fell 1.08% yesterday (1.1958 NY close). GBP/USD appears to have entered a consolidation phase and is likely to trade within a range of 1.1850 to 1.2080.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.