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- GBP/USD is in a consolidation phase - UOB
GBP/USD is in a consolidation phase - UOB
Analysts at UOB suggest that GBP/USD is in a consolidation phase and is expected to trade between 1.3700 and 1.3900 in the next 1-3 weeks.
24-hour view: "GBP rose to 1.3853 last Friday before easing off. The underlying tone still appears to be firm and there is scope for GBP to test 1.3860 first before a more sustained pullback can be expected. The next resistance at 1.3900 is not expected to come into the picture. On the downside, support is at 1.3795 followed by 1.3770."
Next 1-3 weeks: "GBP traded sideways for the past several days and momentum indicators are mostly neutral. The movement is viewed as part of an ongoing consolidation phase. From here, GBP is expected to trade sideways between 1.3700 and 1.3900."
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