- Analytics
- News and Tools
- Market News
- GBP/USD looks range bound in the near term – UOB
GBP/USD looks range bound in the near term – UOB
In the opinion of FX Strategists at UOB Group Quek Ser Leang and Peter Chia, GBP/USD is now seen trading between 1.2530 and 1.2640 in the next weeks.
Key Quotes
24-hour view: “We expected GBP to ‘trade sideways between 1.2585 and 1.2660’ yesterday. GBP subsequently dropped to 1.2561 before rebounding. The movement appears to be part of a consolidation and GBP is likely to trade between 1.2565 and 1.2640 for today.”
Next 1-3 weeks: “On Monday (30 May, spot at 1.2625), we highlighted that while upward momentum has not improved by much, the risk for GBP is on the upside towards 1.2700. Yesterday (31 May), GBP dropped to within 1 pip of our ‘strong support’ level of 1.2560 (low of 1.2561) before rebounding. While there is no clear break of our ‘strong support’ level, upward momentum has more or less dissipated. From here, GBP is likely to consolidate and trade between 1.2530 and 1.2670 for several days before making another attempt to move to 1.2700.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
