#GBPUSD @ 1.18257 GBPUSD faces some near-term consolidation – UOB
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBPUSD could navigate within a range bound theme before attempting a move higher.
24-hour view: “We highlighted last Friday that ‘the price movements appear to be part of a broad consolidation’ and we expected GBP to ‘trade between 1.1790 and 1.1950’. GBP subsequently traded within a narrower range than expected (1.1859/1.1950). The price actions still appear to be part of a consolidation and we expect GBP to trade between 1.1820/1.1940 today.”
Next 1-3 weeks: “Our latest narrative was from last Wednesday (16 Nov, spot at 1.1880) where 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 1.1790 (‘strong support’ level previously at 1.1750) would indicate that GBP is not advancing further.”
[/s2If]
Join Our Telegram Group
