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.”
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.