GBP/USD is expected to trade in the 1.3050-1.3250 range in the coming weeks, according to currency strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Our expectations for GBP/USD to ‘move sideways’ last Friday were incorrect as it dipped as low as 1.3087 before closing at 1.3115 (-0.22%). Downside momentum has improved a bit and the bias to today is down. However, no weakness is expected to challenge the important support at 1.3050 (there is another support at 1.3075). Resistance is at 1.3125, followed by 1.3150.”
Next 1-3 weeks: “Not much to add to our update from last Thursday (March 31, GBP/USD at 1.3140). As highlighted, GBP/USD is likely to trade between 1.3050 and 1.3250 for now.”
Source: Fx Street
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