GBP/USD faces further consolidation near term – UOB

Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest GBP/USD cold extend the side-line theme between 1.1925 and 1.2120 in the next weeks.

Key Quotes

24-hour view: “We expected GBP to edge higher to 1.2070 yesterday. Our expectation did not materialize as GBP traded in a relatively quiet manner between 1.1998 and 1.2049. The price actions appear to be consolidative and today, GBP is likely to trade within a range of 1.1990/1.2060.”

Next 1-3 weeks: “Our update from yesterday (06 Mar, spot at 1.2035) is still valid. As highlighted, GBP is likely to consolidate for now, expected to be between 1.1925 and 1.2120.”