According to currency strategists Quek Ser Leang and Lee Sue Ann of the UOB Group, it is expected that GBP/USD moves in the range of 1.3050-1.3200 In the next weeks.
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24 hour view: “Yesterday we had the view that ‘the bias for GBP/USD is to the downside’. However, GBP/USD moved quietly between 1.3094 and 1.3136 before closing flat at 1.3115. Momentum indicators are mostly neutral and GBP/USD is likely to move sideways today. Expected to be range bound at 1.3085/1.3145.”
Next 1-3 weeks: “We have held the same view since last Thursday (March 31, GBP/USD at 1.3140) where ‘GBP/USD is likely to move between 1.3050 and 1.3250 for now’. GBP/USD moved sideways over the last days and no change in our view.That said, the volatility decline suggests GBP/USD could remain within a tighter range of 1.3050/1.3200.Looking ahead, downside looks more possible despite that GBP/USD has to close below 1.3050 before a sustained decline is likely.”
Source: Fx Street
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