GBP/USD could return to the 1.1845 level as long as it remains below 1.2150 in the short term, suggest economist Lee Sue Ann and UOB Group market strategist Quek Ser Leang.
Featured Comments
24 hour view: “We expected GBP/USD to consolidate and trade between 1.2000 and 1.2110 yesterday. In line with our expectations, GBP/USD consolidated, albeit within a tighter than expected range (1.2037/1.2109). Most momentum indicators are flat and further consolidation seems likely. Expected range for today, 1.2025/1.2115″.
Next 1 to 3 weeks: “Our most recent analysis on Monday (Feb 6, GBP/USD at 1.2050), stated that “a further increase in bearish momentum suggests further GBP/USD weakness, but it remains to be seen if the important support at 1.1845 will come to the fore.” Subsequently, GBP/USD fell to 1.1962, but has been unable to move lower further. From here, as long as 1.2150 (“strong resistance” level unchanged) is not broken, there is still a chance, although small, that GBP/USD falls to 1.1845. A break of 1.2150 would indicate that the GBP/USD weakness that began late last week is over.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
