#GBPUSD @ 1.19093 GBPUSD: Potential consolidation ahead of further upside – UOB
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Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest GBPUSD could face some consolidative mood ahead of the probable continuation of the uptrend.
24-hour view: “Yesterday, we held the view that GBP ‘is likely to edge higher but any advance is likely limited to a test of 1.1970’. GBP subsequently rose to 1.1958, dropped sharply to 1.1765 before rebounding to end the day at 1.1860 (-0.38%). The price movements appear to be part of a broad consolidation and we expect GBP to trade between 1.1790 and 1.1950 today.”
Next 1-3 weeks: “After GBP soared to a high of 1.2027, we highlighted two days ago (16 Nov, spot at 1.1880) that GBP could consolidate first before making another push higher but the chance of a break of 1.2100 does not appear to be high. While there is no change in our view, upward momentum is beginning to wane. However, only a break of 1.1750 (no change in ‘strong support’ level) would indicate that GBP is not advancing further.”
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