4 Global Market Updates- 17 November, 2022

 

In this article, we have covered the highlights of global market news about the GBP/USD, EUR/USD, NZD/USD and USD/CAD.

GBP/USD is now consolidating in the short term – UOB

According to UOB Group economist Lee Sue Ann and markets strategist Quek Ser Leang, given the recent price movement, GBP/USD may try to consolidate shortly.

24-hour view: “We said yesterday that we anticipated the GBP to move sideways between 1.1800 and 1.1950 and that it “is unlikely to gain further.” GBP moved within a smaller range (1.1834/1.1942) than anticipated. The GBP might teeter to the upside today as the underlying tone has firmed a little. Any improvement will most likely affect a test of 1.1970, however. It is not anticipated that Tuesday’s high of 1.2027 will be challenged. Support is located at 1.1850, but simply a breach of 1.1800 would signal a reduction in the slight upward pressure that is now present.

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