Economist Lee Sue Ann and Markets Strategist Quek Ser at UOB Group suggest GBP/USD is now seen trading within the 1.
2085-1.2240 band in the next weeks. Key Quotes 24-hour view:We expected GBP to trade in a range of 1.2085/1.2155 yesterday. GBP dipped to a low of 1.2090 before staging a surprising sharp rise to 1.2175. While upward momentum has not improved much, there is room for GBP to test 1.2205. Today, the chance of GBP breaking clearly above this level is not high. If GBP breaks below 1.
2120 , it would mean that the current upward pressure has faded. Next 1-3 weeks:We noted yesterday that downward momentum had waned somewhat, but “there is still room for GBP to test 1.2040.” GBP then rose to a high of 1.2175. While our ‘strong resistance’ level of 1.2180 has not been clearly breached, downward momentum has dissipated. GBP has moved into a range-trading phase and is likely to trade between 1.2085 and 1.2240 for the time being.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
GBP/USD struggles for a firm direction, remains on the defensive around 1.2100 markThe GBP/USD pair continues with its struggle to gain any meaningful traction and oscillates in a multi-day-old trading range, around the 1.2100 mark d
Read more »
GBP/USD Price Analysis: Consolidates above 1.2100 ahead of Fed, BoE decisionsGBP/USD hovers around the 1.2120 level with a negative tone during the Asian session on Monday. The pair moves sideways ahead of the policy meetings o
Read more »
GBP/USD still risks a drop to 1.2040GBP/USD maintains the downside pressure well in place and could revisit the 1.2040 zone in the near term, note UOB Group’s Markets Strategist Quek Ser
Read more »
GBP/USD: Strong Dollar to keep Cable not far from the 1.2050/2100 support regionSterling is trading slightly on the soft side ahead of Thursday's Bank of England (BoE) policy meeting. Economists at ING analyze GBP outlook. EUR/GBP
Read more »
GBP/USD: October low of 1.2037 will be the key support levelEconomists at MUFG Bank analyze GBP outlook ahead of the BoE announcement on Thursday.
Read more »
GBP/USD: Trend momentum is weak, favouring more range tradingGBP/USD is still finding support on dips below 1.21. Economists at Scotiabank analyze the pair’s outlook.
Read more »