GBP/USD maintains the consolidation for the time being – UOB
|Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, GBP/USD is still expected to navigate the 1.2630-1.2800 range in the next few weeks.
Key Quotes
24-hour view: We indicated yesterday that “there is a chance for GBP to test 1.2755 before the risk of a pullback increases.” Our view did not materialize, as GBP traded in a relatively narrow range between 1.2689 and 1.2735 before closing largely unchanged (1.2703, -0.09%). The current price movements are likely part of a consolidation phase and GBP is likely to continue to trade in range, expected to be between 1.2670 and 1.2740.
Next 1-3 weeks: Our update from yesterday (05 Jul, spot at 1.2715) is still valid. As highlighted, for the time being, GBP is likely to consolidate and trade in a range of 1.2630/1.2800.
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.