According to UOB Group currency strategists Quek Ser Leang and Peter Chia, GBP/USD will move between 1.2530 and 1.2640 In the next weeks.
Key comments
24 hour view: “We expected GBP/USD to ‘move sideways between 1.2585 and 1.2660’ yesterday. GBP/USD subsequently fell as low as 1.2561 before bouncing back. The move appears to be part of a consolidation and GBP/USD is likely to trade between 1.2565 and 1.2640 today.”
Next 1-3 weeks: “On Monday (May 30, GBP/USD at 1.2625), we highlighted that although the bullish momentum has not improved much, the risk for GBP/USD is to the upside towards 1.2700. Yesterday (May 31), the GBP/USD fell to within 1 pip of our ‘strong support’ at 1.2560 (low 1.2561) before recovering.Although there is no clear break of our ‘strong support’ level, the bullish momentum has dissipated from here GBP/USD is likely to consolidate and trade between 1.2530 and 1.2670 for several days before retrying to 1.2700.”
Source: Fx Street
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