The GBP/USD is now facing a short-term consolidation between 1.1850 and 1.2080as suggested by the UOB Group economist Lee Sue Ann and the Market Strategist Quek Ser Leang.
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24 hour view: “Yesterday we highlighted that ‘GBP/USD oversold weakness could extend to 1.1915 before stabilization is likely'”. Our expectation failed to materialize as GBP/USD rallied as high as 1.2062 before falling again to end the day little changed at 1.1953 (-0.04%).Downside momentum appears to be building, albeit timidly.As long as the pair does not move above 1.2020 (minor resistance is at 1.1990), GBP/ is likely to rel USD is trading with a bearish bias today, however any weakness is unlikely to challenge the main support at 1.1850 (there is another support at 1.1915).”
Next 1-3 weeks: “Our update from yesterday (Nov 29, GBP/USD at 1.1965) remains valid. As we have highlighted, the recent buildup of bullish momentum has faded. GBP/USD appears to have entered a consolidation phase and is likely to trade within a 1.1850/1.2080 range. Looking ahead, a clear break of 1.1850 could signal a deeper drop for GBP/USD.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
