GBP / USD is forecast to move between 1.2845 and 1.3200 in the coming weeks, as suggested by the currency strategists at UOB Group.
Key Comments:
24 hour view: “The sudden rise in the British pound that sent it to a high the day before of 1.3077 was a surprise. GBP / USD extended its gains this morning but has since retreated after hitting a high of 1.3140. The volatile price action has resulted in a mixed outlook and GBP / USD could move erratically and within a wide range, probably between 1.2920 and 1.3150 ”.
Next 1-3 weeks: “Our view of the British pound ‘gravitate towards 1.2845’ was invalidated when GBP / USD spiked past the ‘strong resistance’ level at 1.3030. The volatile price action has clouded the short term outlook and for now GBP / USD is expected to trade between the two main levels of 1.2845 and 1.3200 ”.
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Credits: Forex Street
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