GBP/USD is expected to trade in the range of 1.2040-1.2400 in the coming weeks, according to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
Key comments
24 hour view: “Yesterday we highlighted that GBP/USD ‘likely to trade sideways within a range of 1.2190/1.2300’. However, GBP/USD subsequently rose as high as 1.2325 before pulling back. Despite the advance, the upside momentum has barely improved and GBP/USD is unlikely to move further. For today, GBP/USD is more likely to trade between 1.2225 and 1.2325.”
Next 1-3 weeks: “On Monday (June 20, GBP/USD at 1.2225), we highlighted that the outlook is mixed and GBP/USD could continue to trade choppy, likely between 1.2040 and 1.2400. Despite subsequent quieter price action , we continue to expect GBP/USD to trade between 1.2040 and 1.2400.”
Source: Fx Street
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