GBP/USD sticks to its mixed outlook and is expected to trade between 1.1950 and 1.2240 in the next weeks, suggest Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.
24-hour view: “We did not anticipate the strong surge in GBP to 1.2112 last Friday (we were expecting GBP to trade in a range). The rapid rise has scope to test 1.2145. The major resistance at 1.2240 is not expected to come into view. Support is at 1.2040, followed by 1.2000.”
Next 1-3 weeks: “Last Friday (10 Mar, spot at 1.1915), we indicated that ‘downward momentum is beginning to fade and a break of 1.1950 would indicate that GBP is unlikely to weaken further’. However, we did not anticipate GBP jumping to a high of 1.2112. After the recent sharp but short-lived swings, the outlook for GBP is mixed. For the time being, we expect GBP to trade in a broad range of 1.1950/1.2240.”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.