Economist Lee Sue Ann and market strategist Quek Ser Leang of the UOB Group suggest that the GBPUSD could face a consolidation move on the likely continuation of the uptrend.
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24 hour view: “Yesterday, we held the view that GBPUSD “is likely to go higher, but any advance is likely to be limited to a test of 1.1970″. GBPUSD subsequently rallied as high as 1.1958 and fell sharply to 1.1765 before bouncing to end the day at 1.1860. (-0.38%).The price moves appear to be part of a broad consolidation and we expect GBPUSD to trade between 1.1790 and 1.1950 today.”
Next 1 to 3 weeks: “After GBPUSD soared to a high of 1.2027 two days ago (Nov 16, GBPUSD at 1.1880) we highlighted that GBPUSD could consolidate first before making another push higher, but the possibility of it breaking 1.2100 is not seems to be high. Although there is no change in our opinion, the bullish momentum is starting to wane. However, only a break of 1.1750 (no change at the “strong support” level) would indicate that GBPUSD does not advance further.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
