GBP/USD will move between 1.2250 and 1.2430 in the coming weeks, according to market strategist Quek Ser Leang and senior currency strategist Peter Chia at UOB Group.
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24 hour view: “Yesterday, we expected GBP/USD to “trade sideways between 1.2350 and 1.2425″. The pair rose to a high of 1.2416 in the London session before falling to a low of 1.2339 late in New York. The underlying tone has been softened a bit but although GBP/USD is likely to turn lower today, it is unlikely to break major support at 1.2295 (minor support is at 1.2315) Resistance is at 1.2375 followed by 1.2400 Unlikely top of 1.2416 appear today”.
Next 1-3 weeks: “We highlighted yesterday (Jan 31, GBP/USD at 1.2400) that the upside momentum has waned, but as long as 1.2315 (“strong support” level) is not broken, there is still a small chance that GBP/USD will break above The pair fell to a New York session low of 1.2339 before closing softer at 1.2349 (-0.41%).Although our “strong support” has not been broken, the bullish momentum has more or less subsided. has dissipated. In other words, the GBP/USD strength of the beginning of the month has ended. GBP/USD has probably entered a consolidation phase and is currently trading between 1.2250 and 1.2430.”
Source: Fx Street
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