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GBP/USD: It is expected to trade within the range 1.1850 to 1.2080 – UOB

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.

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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

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