GBPUSD faces some near-term consolidation – UOB
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBPUSD could navigate within a range bound theme before attempting a move higher.
Key Quotes
24-hour view: “We highlighted last Friday that ‘the price movements appear to be part of a broad consolidation’ and we expected GBP to ‘trade between 1.1790 and 1.1950’. GBP subsequently traded within a narrower range than expected (1.1859/1.1950). The price actions still appear to be part of a consolidation and we expect GBP to trade between 1.1820/1.1940 today.”
Next 1-3 weeks: “Our latest narrative was from last Wednesday (16 November, spot at 1.1880) where GBP could consolidate first before making another push higher but the chance of a break of 1.2100 does not appear to be high. While there is no change in our view, upward momentum is beginning to wane. However, only a break of 1.1790 (‘strong support’ level previously at 1.1750) would indicate that GBP is not advancing further.”
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.
