GBP/USD could still attempt a move above 1.2700 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, there is still probability of24-hour view: “We highlighted yesterday that ‘the price actions appear to be part of a consolidation’ and we expected GBP to ‘trade in a range between 1.2585 and 1.2655’. GBP traded in a relatively quiet manner until early NY trade when it popped briefly to 1.2679 and then dropped back down quickly to end the day little changed at 1.2627 .
Next 1-3 weeks: “We turned positive in GBP last Friday . After GBP rose to a high of 1.2668, in our latest narrative from Tuesday , we indicated that ‘overbought short-term conditions suggest GBP could stay below the recent high of 1.2668 for 1-2 days’. Yesterday , GBP popped briefly to a fresh 1-year high of 1.2679 before dropping back down to close largely unchanged at 1.2627 . The brief advance to 1.2679 did not improve the upward momentum. However, as long as 1.
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