The GBP/USD pair may potentially enter a phase of consolidation.
According to UOB Group's Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia, the GBP/USD is expected to trade within the range of 1.2100 to 1.2380 in the coming weeks.
Looking at the 24-hour view, on Wednesday, the GBP dropped to a low of 1.2111. However, there are indications that the downward momentum is slowing down, although the weakness in GBP has not yet stabilized. It was previously believed that there was potential for GBP to test the 1.2100 level, but a clear break below this level was deemed unlikely. Contrary to expectations, not only did GBP not test 1.2100, but it also experienced a strong rebound, resulting in its largest one-day gain in a month at 1.2202 (+0.55%). The rebound may extend further to 1.2250 before stabilizing. The next resistance level at 1.2300 is not likely to be breached. Support can be found at 1.2170, followed by 1.2145.
Looking at the 24-hour view, on Wednesday, the GBP dropped to a low of 1.2111. However, there are indications that the downward momentum is slowing down, although the weakness in GBP has not yet stabilized. It was previously believed that there was potential for GBP to test the 1.2100 level, but a clear break below this level was deemed unlikely. Contrary to expectations, not only did GBP not test 1.2100, but it also experienced a strong rebound, resulting in its largest one-day gain in a month at 1.2202 (+0.55%). The rebound may extend further to 1.2250 before stabilizing. The next resistance level at 1.2300 is not likely to be breached. Support can be found at 1.2170, followed by 1.2145.
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