According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, the GBP/USD should continue to navigate in the range of 1.2040-1.2400 In the next weeks.
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24 hour view: “Our expectations for GBP/USD to ‘trade between 1.2225 and 1.2325’ yesterday were wrong as it briefly tumbled to 1.2163 and shot up to 1.2314 before quickly falling back to end the day slightly lower at 1.2265 (- 0.11%).The sharp swings have led to a mixed picture and further choppy price action is not ruled out, likely within a range of 1.2200/1.2310.”
Next 1-3 weeks: “On Monday (June 20, GBP/USD at 1.2225), we highlighted that the outlook is mixed and GBP/USD could continue to trade choppy, likely between 1.2040 and 1.2400. There is no change in our opinion and we remain expecting GBP/USD to trade between 1.2040 and 1.2400.”
Source: Fx Street
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