The GBP/USD stays sideways between 1.2470 and 1.2670 for now, UOB Group currency strategists Lee Sue Ann and Quek Ser Leang suggest.
Key comments
24 hour view: “Our expectations for GBP/USD to ‘drop below 1.2470’ failed to materialize as it rallied from 1.2477 to 1.2577 before pulling back to close at 1.2529 (+0.29%). Price action appears to be part of a consolidation and GBP/USD is likely to move sideways today with a range expectation of 1.2470/1.2570.”
Next 1-3 weeks: “Last Friday (June 3, GBP/USD at 1.2570), we highlighted that sharp but short-lived swings have resulted in a mixed picture and we expect GBP/USD to move between 1.2470 and 1.2670. For now there is no changes in our view, although the underlying tone has softened and GBP/USD could drop below 1.2470 support Looking ahead, GBP/USD needs to close below 1.2430 before a sustained decline is likely “.
Source: Fx Street
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