He GBP/USD maintains its mixed outlook and is expected to trade between 1.1950 and 1.2240 in the coming weeks, Quek Ser Leang, Markets Strategist, and Peter Chia, Senior Currency Strategist suggest.
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24 hour view: “We did not anticipate GBP/USD to rise sharply to 1.2112 last Friday (we expected GBP/USD to trade in a range). The rapid rise has room to test 1.2145. Main resistance at 1.2240 is not expected to appear today Support is at 1.2040, followed by 1.2000.”
Next 1-3 weeks: “Last Friday (March 10, GBP/USD at 1.1915), we indicated that “the bearish momentum is starting to fade and a break of 1.1950 would indicate that the pair is unlikely to weaken further.” However, we did not anticipate that the GBP/USD will hit a high of 1.2112. Following the recent wild but short-lived swings, the outlook for GBP/USD is mixed. For now, we expect GBP/USD to trade in a broad 1.1950/1.2240 range.”
Source: Fx Street
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