- Analytics
- News and Tools
- Market News
- GBP/USD looks rangebound in the near-term – UOB
GBP/USD looks rangebound in the near-term – UOB
FXStreet reports that in light of the recent price action, Cable is now expected to remain side-lined in the next weeks, suggested FX Strategists at UOB Group.
24-hour view: "Our expectation for GBP 'to retest last Friday's 1.2980 peak' was incorrect as it dropped to a low of 1.2887 before rebounding quickly. The price action is deemed as a consolidation phase and GBP is expected to trade sideways for now, likely between 1.2885 and 1.2960."
Next 1-3 weeks: "The downward pressure that last Thursday (20 Feb, spot at 1.2920) ended abruptly as GBP rebounded above the 'strong resistance' level of 1.2960 (high of 1.2980). For now, last week's 1.2849 low is viewed as an interim bottom and the current price action is likely part of a consolidation phase. In other words, GBP is expected to trade sideways between 1.2850 and 1.3030."
© 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
