GBP/USD now looks consolidative near term – UOB

Pablo Piovano FXStreet

GBP/USD is now seen navigating within the 1.1330-1.1635 range in the short-term horizon, suggest Economist Lee Sue Ann at UOB Group and Markets Strategist Quek Ser Leang.

Key Quotes

24-hour view: “Our expectation for GBP to decline further yesterday was incorrect as it rose to 1.1566, plummeted to 1.1437 before rebounding to close at 1.1485 (+0.16%). The sharp but short-lived swings have resulted in a mixed outlook. GBP could continue to trade in a choppy manner, likely between 1.1430 and 1.1550.”

Next 1-3 weeks: “We continue to hold the same view as yesterday (01 Nov, spot at 1.1470) where GBP appears to have moved into a consolidation phase and is likely to trade between 1.1330 and 1.1635 for the time being.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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