- Analytics
- News and Tools
- Market News
- GBP/USD: Room for further consolidation – UOB
GBP/USD: Room for further consolidation – UOB
GBP/USD is still seen navigating within the 1.2640-1.2830 range in the next weeks, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.
Key Quotes
24-hour view: We noted yesterday that “There is no clear directional bias” and we expected GBP to trade sideways in a range of 1.2700/1.2775. GBP then traded in a narrower range than expected (1.2711/1.2767). There is a slight increase in upward momentum, and there is room for GBP to edge above 1.2790. However, any advance is unlikely to threaten the major resistance at 1.2830. Support is at 1.2730, followed by 1.2710.
Next 1-3 weeks: We continue to hold the same view as yesterday (21 Aug, spot at 1.2740). As highlighted, the price actions in GBP over the past week or so appears to be part of a consolidation phase. For the time being, GBP could continue to trade sideways, likely between 1.2640 and 1.2830.
© 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
