VOT Research Desk
GBP/USD is now expected to trade between the 1.1850-1.2080 range in the coming weeks, according to UOB Group Economist Lee Sue Ann and Markets Strategist Quek Ser Leang. A 24-hour perspective.
GBP gained to 1.2188 yesterday before falling to 1.1958 (-1.08%). Although oversold, GBP decline could extend to 1.1915 before stabilizing.
The resistance level is 1.2000, but a break of 1.2030 would show that the weakening has stabilized. Within the next 1-3 weeks.
The recent bullish impetus has gone, as GBP fell dramatically by 1.08% yesterday.
GBP appears to have entered a consolidation period and is likely to trade in the 1.1850/1.2080 area.
