VOT Research Desk
According to UOB Group economists Lee Sue Ann and Quek Ser Leang, the GBP/USD exchange rate will likely trade between 1.1680 and 1.1940 during the coming weeks.
Daily perspective Our prediction that the pound will consolidate yesterday between 1.1820 and 1.1940 was erroneous because it fell to a low of 1.1780. Despite the drop, the declining trend has not significantly changed.
However, before a more significant rebound is possible, GBP could test the 1.1780 level once more as long as 1.1880 is not broken (minor resistance is at 1.1855).
It is unlikely that the next support level at 1.1740 will be reached. coming 1-3 weeks Following the GBP’s ascent to a high of 1.2027, we pointed out last Wednesday (16 November, spot at 1.1880) that the GBP might consolidate before making another ascent higher and According to UOB Group economist Lee Sue Ann and market strategist Quek Ser Leang, GBP/USD is now expected to trade in the 1.1680–1.1940 range over the coming several weeks. day/night perspective “The GBP fell to a low of 1.1780, contradicting our prediction that it would consolidate between 1.1820 and 1.1940 yesterday.
The downward momentum hasn’t really changed despite the decline. However, the GBP could revisit the 1.1780 level before a more significant rebound is possible, provided that 1.1880 is not surpassed (minor resistance is at 1.1855).
The next level of support, at 1.1740, is unlikely to be reached. future 1-3 weeks After GBP rose to a high of 1.2027, we noted last Wednesday (16 November, spot at 1.1880) that GBP might consolidate initially before making another push higher and We believed that the likelihood of a breach of 1.2100 did not seem to be very great. Yesterday (November 21), the pound fell below our 1.1790 strong support level (low of 1.1780). Since there is no longer any upward impetus, GBP appears to have entered a phase of consolidation and will probably trade between 1.1680 and 1.1940 for the time being.
