GBP/USD risks testing the 1.1900 zone in the near term, according to market strategist Quek Ser Leang and senior currency strategist Peter Chia at UOB Group.
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24 hour view: “Our expectations of a ‘strong GBP/USD rebound to spread’ failed to materialize as it traded quietly between 1.2015 and 1.2057 before closing largely unchanged at 1.2040. GBP/USD appears to be consolidating and is likely to move within a range today, which is expected to be between 1.1990 and 1.2060”.
Next 1-3 weeks: “Not much to add to our update from yesterday (Feb 20, GBP/USD at 1.2035). As we noted, as long as the ‘strong resistance’ at 1.2100 (no change from yesterday’s level) is not broken in the In the coming days, there is still a small chance that GBP/USD will break below 1.1900. A break above 1.2100 would indicate that the GBP/USD weakness started late last week has come to an end.”
Source: Fx Street
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