GBP/USD sticks to the consolidative range – UOB

Pablo Piovano FXStreet

GBP/USD is likely to maintain the ongoing consolidation within 1.1970-1.2150 range in the next weeks, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that ‘the sharp pullback has scope to extend but any decline is viewed as part of a lower trading range of 1.1970/1.2090’. We added, ‘a sustained drop below 1.1970 is unlikely’. GBP subsequently traded between 1.1965 and 1.2088 before closing little changed at 1.2025 (+0.06%). The price actions are likely part of a consolidation phase and today, we expect GBP to trade sideways between 1.1970 and 1.2085.”

Next 1-3 weeks: “Our update from two days ago (28 Feb, spot at 1.2065) is still valid. As highlighted, GBP is likely to consolidate and trade in a broad range of 1.1970 and 1.2150 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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