In light of the recent price action, the GBPUSD could try to consolidate in the short termaccording to economist Lee Sue Ann and market strategist Quek Ser Leang of the UOB Group.
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24 hour view: “We highlighted yesterday that GBPUSD is unlikely to strengthen further” and expect it to “trade sideways between 1.1800 and 1.1950”. Subsequently, GBPUSD traded in a tighter than expected range (1.1834/1.1942). The underlying tone has strengthened a bit, and the pair could go higher today. However, any advance is likely to be limited to a test of 1.1970. Tuesday’s high at 1.2027 is not expected to be challenged. Support is at 1.1850, but only a break of 1.1800 would indicate that the current slight bullish pressure has eased.”
Next 1 to 3 weeks: “Yesterday (Nov 16, GBPUSD at 1.1880), we indicated that GBPUSD could consolidate for a couple of days before turning higher. We added that “the possibility of a clear break of the next major resistance at 1.2100 does not seem to be high now “. Our view has not changed. It should be noted that 1.2027 is already quite a strong resistance level. On the downside, a break of 1.1750 (no change from yesterday’s “strong support” level) would indicate that the GBPUSD rally is underway. ready to take a break.”
Source: Fx Street
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