A breakout of the 1.3600 level in GBP / USD still remains on the table, say currency strategists at UOB Group.
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24 hour view: “We expected GBP / USD to ‘break the 1.3640 support’ yesterday, but we are of the opinion that ‘the August low near 1.3600 is unlikely to enter the picture.’ Our opinion was not wrong as GBP / USD fell to 1.3610 before settling at 1.3620 (-0.30%). While there is room for GBP / USD to dip below 1.3600 today, next support at 1.3570 could be out of reach. Resistance is at 1.3650, followed of 1.3680. “
Next 1-3 weeks: “We highlighted yesterday (Sep 22, GBP / USD at 1.3660) that GBP / USD is likely to weaken further but any weakness is expected to find solid support at 1.3600. GBP / USD fell to 1.3610 during the session. American and improved downside momentum indicates that a breakout of 1.3600 would not be surprising. The next support point is 1.3570, followed by 1.3530. The current downside pressure is considered intact as long as GBP / USD does not move above 1.3705 (‘strong resistance level’ was at 1.3745 yesterday). “
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