It is likely that the sterling pound (GBP) is negotiated in a range of 1,3455/1,3530. In the long term, current price movements still seem to be part of a negotiation phase in the range, probably between 1,3400 and 1,3600, FX analysts of UOB Group, quek being Leang and Peter Chia point out.
Current price movements seem to be part of a negotiation phase in range
24 hours View: “Yesterday, we expected the GBP ‘to be negotiated with a bearish trend towards 1,3395.’ However, we point out that ‘a sustained breakdown below this level seems unlikely.’ Our vision was incorrect, since after falling to 1,3417, the GBP bounced to close in 1,3490 (+0.23%).
1-3 weeks View: “In the first Asian session yesterday (May 29, Spot in 1,3435), we indicate that ‘the slight increase in the bearish momentum will probably lead the GBP to negotiate in a lower range than 1.3330/1,3530.’ We did not expect the strong subsequent rebound that reached 1,3507.
Source: Fx Street
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