- Analytics
- News and Tools
- Market News
- GBP/USD is expected to trade within 1.2015-1.2260 – UOB
GBP/USD is expected to trade within 1.2015-1.2260 – UOB
GBP/USD seems to have now moved into a consolidative phase, likely between 1.2015 and 1.2260, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
Key Quotes
24-hour view: “We did not anticipate the sharp rise in GBP to 1.2193 and the subsequent sharp pullback from the high (we were expecting GBP to trade in a range). Despite the advance, there is no significant improvement in upward momentum and GBP is unlikely to rise further. Today, GBP is more likely to trade sideways, expected to be between 1.2060 and 1.2175.”
Next 1-3 weeks: “Yesterday (09 Feb 2023, spot at 1.2070), we highlighted that there is still a slim chance for GBP to drop to 1.1845. GBP subsequently rose above our ‘strong resistance’ level of 1.2150 (high has been 1.2193). The breach of the ‘strong resistance’ indicates that the GBP weakness that started early this month (see annotations in the chart below) has ended. GBP appears to have entered a consolidation phase and it is likely to trade between 1.2015 and 1.2260 for now.”
© 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
