#GBPUSD @ 1.20327 now moved into a consolidative phase – UOB
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In the view of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, GBP/USD is now seen trading within the 1.1970-1.2150 range.
24-hour view: “We highlighted yesterday that GBP ‘is likely to weaken further even though a sustained decline below 1.1915 is unlikely’. GBP dropped to a low of 1.1923 before rebounding strongly to a high of 1.2064. GBP could rise further even though it is unlikely to challenge the major resistance at 1.2150. Note that there is another resistance level at 1.2100. On the downside, a breach of 1.2010 (minor support is at 1.2040) would indicate that upward momentum has eased.”
Next 1-3 weeks: “Yesterday (27 Feb, spot at 1.1945), we highlighted that the risk for GBP had shifted to the downside. We did not anticipate the strong rebound that took out our ‘strong resistance’ level at 1.2050 (high has been 1.2064). The price actions suggest GBP is trading in a broad consolidation range and for the time being, likely between 1.1970 and 1.2150.”
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