- Analytics
- News and Tools
- Market News
- GBP/USD faces further consolidation near term – UOB
GBP/USD faces further consolidation near term – UOB
In the view of UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, GBP/USD is seen navigating within the 1.2180-1.2400 range in the short-term horizon.
Key Quotes
24-hour view: We did not anticipate the sharp drop in GBP that reached a low of 1.2213 (we were expecting it to trade sideways). While the sharp drop appears to be overdone, there is room for GBP to weaken further. In view of the oversold conditions, a sustained drop below 1.2180 appears unlikely (next support is at 1.2140). Resistance is at 1.2245, followed by 1.2270.
Next 1-3 weeks: We continue to hold the same view as yesterday (09 Nov, spot at 1.2285). As highlighted, GBP is likely to trade in a range of 1.2180/1.2400 for now. However, short-term downward momentum has improved somewhat, and the risk of GBP breaking below 1.2180 has increased. That said, it is worth noting that there is another strong support level at 1.2140. To put it another way, a sustained decline in GBP appears unlikely.
© 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
