Market news
17.03.2023, 06:38

GBP/USD clings to the consolidative mood – UOB

Further consolidation, likely within the 1.1950-1.2190 range, is expected in GBP/USD in the next weeks, noted UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.

Key Quotes

24-hour view: “We highlighted yesterday that GBP could drop further but ‘any decline is likely part of a lower trading range of 1.2000/1.2150’. GBP dropped briefly to 1.2029 in London trade, rebounded to 1.2128 before ending the day on a slightly firm note at 1.2110 (+0.45%). Today, GBP could edge higher but a sustained rise above 1.2150 is unlikely. The major resistance at 1.2190 is not expected to come under threat. On the downside, a breach of 1.2050 (minor support is at 1.2080) would indicate that the current mild upward pressure has eased.”

Next 1-3 weeks: “Our update from yesterday (16 Mar, spot at 1.2075) is still valid. As highlighted, GBP is likely to trade in a broad consolidation range, expected to be between 1.1950 and 1.2190.”

© 2000-2023. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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 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

Live Chat E-mail
Choose your language / location