According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, GBP/USD appears to have entered a range of 1.2040-1.2255 for now.
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24 hour view: “Yesterday we highlighted that ‘the rapid rally looks set to continue, but there is room for GBP/USD to move above 1.2300 first before the risk of a pullback increases’. We did not expect the sharp and rapid drop to 1.2158 (the (high has been 1.2279). Downside momentum is building and GBP/USD could weaken to 1.2100. For today, the next support at 1.2040 is not expected to be threatened. Resistance is found at 1.2195, followed by 1.2225” .
Next 1 to 3 weeks: “GBP/USD fell sharply to a low of 1.2158 yesterday. Although our ‘strong support’ at 1.2135 remains intact, the bullish momentum has faded. In other words, the GBP/USD strength that began late last week has come to an abrupt end. GBP/USD appears to have entered a consolidation phase and is likely to trade in a range of 1.2040/1.2255 for now.”
Source: Fx Street
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