GBP/USD faces further range bound near term – UOB – by pabspiovano GBPUSD Currencies Majors Banks
should keep the side-line theme well in place for the time being.24-hour view: “Our view for GBP to trade in a range last Friday was incorrect as it dropped sharply to 1.2192 before rebounding. The rebound in oversold conditions suggest GBP is unlikely to weaken much further. Today, GBP is more likely to trade sideways, expected to be 1.2200 and 1.2300.”
Next 1-3 weeks: “We have expected GBP to advance since the start of last week. In our most recent update from last Friday , we stated that ‘While GBP strength is still intact, short-term upward momentum is beginning to wane, and this combined with overbought conditions suggests 1.2400 may be out of reach this time around’. In London trade, GBP dropped sharply to a low of 1.2192. While our ‘strong support’ level at 1.2190 is not breached, upward momentum has more or less fizzled out.
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