GBP/USD is anticipated to trade between 1.1925 and 1.2120 - UOB

The short-term trading range for GBP/USD is predicted to be between 1.1925 and 1.2120 by UOB Group economists.

Important Quotes: "Contrary to our predictions that it would keep falling, GBP increased to a high of 1.2049. Although the comeback has not significantly increased the upward momentum, GBP may nudge higher to 1.2070. It is not anticipated that the next resistance at 1.2120 will be in danger. A violation of 1.1985 (minor support is at 1.2005) would signal a reduction in the slight upward pressure currently present on the downside.

1-3 weeks from now: "Last Friday (03 Mar, spot at 1.1985), we said that even while a trend toward drop is taking shape, the pound must first break through 1.1900 before a persistent slide is likely. The likelihood of the pound breaking 1.1900 will be unaffected if 1.2045 is not broken in the upcoming days, we continued. In NY trade, the GBP increased to a high of 1.2049. Our "strong resistance" has been broken, which shows that the downward momentum has slowed. To put it another way, rather than declining, the pound is more likely to remain stable and trade between 1.1925 and 1.2120.