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GBP/USD will remain between 1.2345 and 1.2510 – UOB

In the opinion of Quek Ser Leang, UOB Group Market Strategist, and Peter Chia, Senior Currency Strategist, GBP/USD is expected to trade within the range of 1.2345 to 1.2510 In the next weeks.

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24 hour view: “Yesterday we highlighted that “the outlook for GBP/USD is mixed” and we expected it to “trade in a range between 1.2375 and 1.2475″. Subsequently, GBP/USD traded relatively volatilely between 1.2405 and 1.2468. The stock is likely to price is part of a consolidation and we expect GBP/USD to trade today in a range of 1.2400 to 1.2475.”

Next 1-3 weeks: “Our most recent analysis is from Monday (Apr 17, GBP/USD at 1.2405), which says that GBP/USD “could give way, but any decline is unlikely to break clearly below the main support at 1.2275.” However, GBP/USD has not been able to move lower. The bearish pressure has faded and GBP/USD is likely to trade sideways between 1.2345 and 1.2510 for now.”

Source: Fx Street

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