- Analytics
- News and Tools
- Market News
- GBP/USD still seen within 1.2040-1.2255 – UOB
GBP/USD still seen within 1.2040-1.2255 – UOB
GBP/USD is predicted to maintain the 1.2040-1.2255 range in the next few weeks, suggested FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.
Key Quotes
24-hour view: “We highlighted yesterday that ‘downward momentum is building and GBP could weaken to 1.2100’. GBP dropped briefly to 1.2100 during NY session before rebounding. While downward momentum has not improved by much, there is room for GBP to edge lower to 1.2085. For today, the major support at 1.2040 is not expected to come into the picture. On the upside, a break of 1.2200 (minor resistance is at 1.2170) would indicate that the current downward pressure has eased.”
Next 1-3 weeks: “There is no change in our view from yesterday (03 Aug, spot at 1.2160). As highlighted, the recent GBP strength has ended. GBP has appears to have moved into a consolidation phase and is likely to trade within a range of 1.2040/1.2255 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
