The continuation of the bullish momentum in the GBPUSD seems to favor a possible visit to the 1.1910 level in the coming weeks, comment UOB Group economist Lee Sue Ann and market strategist Quek Ser Leang.
Featured Comments
24 hour view: “We highlighted yesterday that ‘GBPUSD’s deeply overbought rally since Friday appears to be over and GBPUSD is unlikely to go much further’. We expected the pair to ‘trade between 1.1725 and 1.1860′”. tighter than expected (1.1714/1.1829). The current move is probably part of a consolidation and we expect GBPUSD to trade between 1.1700 and 1.1825 today.”
Next 1-3 weeks: “Our update from yesterday (Nov 14, GBPUSD at 1.1795) still stands. As we highlighted, the solid bullish momentum late last week suggests there is room for a GBPUSD rally to extend to 1.1910 and possibly 1.2000.” Upside risk is intact as long as GBPUSD does not break below the “strong support” level of 1.1560 (no change in level since yesterday).”
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.
