It is expected that GBP/USD maintains the range of 1.2040-1.2255 in the coming weeksUOB Group currency strategists Lee Sue Ann and Quek Ser Leang suggest.
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24 hour view: “Yesterday we highlighted that ‘downward momentum is building and GBP/USD could weaken to 1.2100’. GBP/USD briefly dipped as low as 1.2100 during the New York session before bouncing back. Although bearish momentum has not improved much, there is room for GBP/USD to drop to 1.2085.For today, major support at 1.2040 is not expected to come into the picture.To the upside, a break of 1.2200 (minor resistance is at 1.2170) would indicate that the current bearish pressure has diminished”.
Next 1-3 weeks: “No change in our view since yesterday (Aug 3, GBP/USD at 1.2160). As we have highlighted, the recent GBP/USD strength is over. GBP/USD appears to have entered a consolidation phase and is likely trading in a range of 1.2040/1.2255 for now.”
Source: Fx Street
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