GBP/USD faces further consolidation near term – UOB
|Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest GBP/USD cold extend the side-line theme between 1.1925 and 1.2120 in the next weeks.
Key Quotes
24-hour view: “We expected GBP to edge higher to 1.2070 yesterday. Our expectation did not materialize as GBP traded in a relatively quiet manner between 1.1998 and 1.2049. The price actions appear to be consolidative and today, GBP is likely to trade within a range of 1.1990/1.2060.”
Next 1-3 weeks: “Our update from yesterday (06 Mar, spot at 1.2035) is still valid. As highlighted, GBP is likely to consolidate for now, expected to be between 1.1925 and 1.2120.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.