In the view of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, GBP/USD could now trade between 1.2100 and 1.2380 i
24-hour view: We highlighted last Friday that “the strong rebound in GBP could extend to 1.2250 before levelling off.” We also highlighted that “the next resistance at 1.2300 is unlikely to come under threat.” While GBP rebounded more than expected, it did not threaten the resistance at 1.2300 . The short-lived advance did not lead to any buildup in momentum and GBP is unlikely to advance further. Today, GBP is more likely to consolidate, probably in a range of 1.2145/1.2255.
Next 1-3 weeks: There is no change in our view from last Friday . As highlighted, the recent month-long GBP weakness has finally ended. The current price movement is likely the early stages of a consolidation phase. In view of the sharp drop over the past month, GBP could consolidate in a relatively broad range of 1.2100/1.2380 for the time being. Information on these pages contains forward-looking statements that involve risks and uncertainties.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.EUR/USD is consolidating in a narrow range below 1.0600 in early Europe on Monday. The pair keeps its calm amid a steady US Dollar, higher US Treasury bond yields and a cautious mood. US ISM PMI and Powell's speech in focus. GBP/USD struggles to gain any meaningful traction and oscillates in a narrow trading range.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD seen trading within a range bound themeEUR/USD is now expected to have entered in a consolidative phase, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia a
Read more »
Pound Sterling Price News and Forecast: GBP/USD remains under selling pressure near 1.2180The GBP/USD pair remains on the defensive below the 1.2200 barrier and trades in negative territory for the fifth consecutive week during the early Eu
Read more »
GBP/USD struggles to gain any meaningful traction, remains confined in a narrow bandThe GBP/USD pair finds some support near the 100-hour Simple Moving Average (SMA) during the Asian session on Monday, albeit struggles to attract any
Read more »
GBP/USD remains under pressure below the 1.2200 barrier, eyes on US PMI, Fed Chair Powell’s speechThe GBP/USD pair remains on the defensive below the 1.2200 barrier and trades in negative territory for the fifth consecutive week during the early Eu
Read more »
Will the UK GDP-Led Bounce in the British Pound Last? GBP/USD, EUR/GBP, GBP/AUDGBP managed to find some support toward the end of last week after the UK economy grew faster than expected. However, the support could turn out to be short-lived. What’s next for GBP/USD, EUR/GBP and GBP/AUD?
Read more »
How China-West tensions will shape global marketsTensions between the West and China are rising, from tit-for-tat trade tariffs to tech rivalry and spying allegations.
Read more »