According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, GBP/USD is still seen within the range of 1.2165-1.2380 short term.
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24 hour view: “We note that GBP/USD ‘could continue to trade in a range, slightly firm underlying tone suggests 1.2245-1.2335 range higher’. GBP/USD subsequently moved between 1.2239 and 1.2331 before closing largely unchanged at 1.2265 (-0.07%).It would not be surprising if it continues to trade in a range of 1.2235/1.2330.”
Next 1 to 3 weeks: “We hold the same view from early last week, in which the outlook for GBP/USD is mixed and we expect GBP/USD to move within a range. No change in our view for now, although it is likely that a range of 1.2165 to 1.2380 (vs 1.2130/1.2380 previously) is enough to contain GBP/USD price action, at least for the next few days.”
Source: Fx Street
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