In the opinion of the currency strategists of the UOB Group, GBP / USD is forecast to extend the consolidation move between 1.2845 and 1.3200 in the coming weeks.
Key Comments:
24 hour view: GBP / USD briefly spiked to a high of 1.3140, fell to a low of 1.2915 before trading between these two levels for the remainder of the sessions. The outlook is not clear and it would not be surprising if there were more sudden price swings. That said, volatility should decrease and the 1.2900 / 1.3080 range may be enough to contain the GBP / USD movement for now. ”
Next 1-3 weeks: “We continue to hold the same view from yesterday (Nov 4, GBP / USD at 1.3030) where the short term outlook is clouded and GBP / USD ‘could trade between the two main levels of 1.2845 and 1.3200 for now’. Unless there is a further increase in volatility in these few days, we should be able to narrow down the expected range and have a clearer view in the near term. ”
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Credits: Forex Street
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