GBP/USD: Likely to trade sideways between 1.3410 and 1.3460 – UOB Group
|Momentum indicators are turning flat; Pound Sterling (GBP) could trade sideways between 1.3410 and 1.3460. In the longer run, GBP is likely in a range-trading phase between 1.3390 and 1.3520, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
GBP is likely in a range-trading phase
24-HOUR VIEW: "Two days ago, GBP rose to 1.3495 and then pulled back. Yesterday, we indicated that 'the pullback has scope to extend, but the major support at 1.3390 is unlikely to come under threat'. Instead of extending its pullback, GBP traded sideways between 1.3420 and 1.3462, closing at 1.3448, up by 0.19%. Momentum indicators are turning flat, and GBP could continue to trade sideways today, most likely between 1.3410 and 1.3460."
1-3 WEEKS VIEW: "We highlighted two days ago (13 Jan, spot at 1.3465) that the recent price action suggests that GBP 'is likely in a range-trading phase, probably between 1.3390 and 1.3520'. We continue to hold the same view for now."
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.