According to currency strategists at the UOB Group, it is expected that GBP/USD moves in the form of consolidation In the next weeks.
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24 hour view: “We were expecting GBP/USD to ‘trade into a range of 1.3050/1.3150’ yesterday. However, it rose to a high of 1.3181 before pulling back. Upward momentum has improved a bit and GBP/USD could test resistance of 1.3195. For today, a sustained advance above this level is unlikely. Next resistance is 1.3250. On the downside, a break of 1.3120 would lead to 1.3090.”
Next 1-3 weeks: “Two days ago (March 29, GBP/USD at 1.3100), we noted that downside momentum has slightly improved, but we were of the view that GBP/USD needs to close below 1.3050 before a sustained break We note that the probability of GBP/USD closing below 1.3050 is not high, but would remain intact as long as GBP/USD does not move above 1.3195 GBP/USD rose to a high of 1.3181 during American session and although 1.3195 was not broken, the momentum build-up has faded. In other words, GBP/USD is not ready to head lower and is likely to move between 1.3050 and 1.3250 for now.”
Source: Fx Street
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