GBP/USD seems to be consolidating within the range of 1.1330-1.1635 in the short term – UOB

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GBP/USD is now seen trading within the range of 1.1330-1.1635 on the short-term horizon, UOB Group economist Lee Sue Ann and market strategist Quek Ser Leang suggest.

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24 hour view: “Our expectation that GBP/USD would continue to slide yesterday was wrong as it rallied to 1.1566 and tumbled to 1.1437 before bouncing to close at 1.1485 (+0.16%). Sharp but short-lived swings have resulted in to a mixed picture. GBP/USD could continue to trade choppy, likely between 1.1430 and 1.1550.”

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Next 1-3 weeks: “We continue to hold the same view as yesterday (Nov 1, GBP/USD at 1.1470), in which GBP/USD appears to have entered a consolidation phase and is likely to trade between 1.1330 and 1.1635 for now. “

Source: Fx Street

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