24-hour view:\u00a0Last Friday, GBP rose sharply to a high of 1.2709. Yesterday (Monday), we indicated that \u201cthe sharp and swift rise appears to be running ahead of itself, and GBP is unlikely to strengthen much further.\u201d We expected GBP \u201cto trade sideways between 1.2650 and 1.2725.\u201d GBP then rose to a high of 1.2724 before staging a surprisingly sharp decline to 1.2605. The increase in momentum suggests there is room for GBP to decline further to 1.2590 before the risk of a rebound increases. The major support at 1.2505 is not expected to come into view. On the upside, if GBP breaks above 1.2680 (minor resistance is at 1.2650), it would mean that it is not declining further.<\/p>\n<\/blockquote>\n
\nNext 1-3 weeks:\u00a0Last Thursday (30 Nov, spot at 1.2695), we indicated that \u201cthere is room for GBP to advance to 1.2745 before the risk of a pullback increases.\u201d After GBP rebounded to a high of 1.2709 on Friday, we noted yesterday (04 Dec, spot at 1.2695) that \u201cthere is a mild boost in momentum.\u201d However, we were of the view that GBP \u201chas to break and stay above 1.2745 before further advance to 1.2795 is likely.\u201d GBP did not break 1.2745. Instead, it fell and broke below our \u2018strong support\u2019 level of 1.2620 (low of 1.2605). Upward momentum has faded, and GBP appears to have entered a consolidation phase. From here, GBP is likely to trade in a sideways range of 1.2505\/1.2725.\u00a0<\/p>\n<\/blockquote><\/div>\n","protected":false},"excerpt":{"rendered":"
Share: In light of the recent price action, GBP\/USD is now seen navigating within the 1.2505-1.2725 range, suggest UOB Group\u2019s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia. Key Quotes 24-hour view:\u00a0Last Friday, GBP rose sharply to a high of 1.2709. Yesterday (Monday), we indicated that \u201cthe sharp and swift rise appears […]<\/p>\n","protected":false},"author":2,"featured_media":8929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[299,201,248,251,246,257,276,641,255,250,277,252,247,253,249,256,254],"class_list":["post-206500","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-banks","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-currencies","tag-gbpusd","tag-gta","tag-looks-rare","tag-majors","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/206500","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=206500"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/206500\/revisions"}],"predecessor-version":[{"id":206501,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/206500\/revisions\/206501"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/8929"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=206500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=206500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=206500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}