The pair GBP / USD remains focused on the 1.3790 level for now, note the currency strategists at UOB Group.
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24 hour view: “We highlighted yesterday that ‘while risk remains to the downside, the downside momentum has not improved much and the higher support at 1.3790 is unlikely to break.’ Our view was not wrong as GBP / USD fell. to 1.3799 before rebounding. Despite the rebound, we see the possibility of GBP / USD turning below 1.3790. That said, important support at 1.3750 is not expected to enter the scene. Resistance is at 1.3850 followed by 1.3870 . “
Next 1-3 weeks: “Our update yesterday (June 30, GBP / USD at 1.3840) still stands. As highlighted, the downside momentum is starting to improve, but only a close below 1.3790 would signal the start of a new weak phase. in GBP / USD. The outlook for such a move has increased and only a breakout of 1.3905 (no change in the “strong resistance” level) would indicate that the risk of a sustained decline in GBP / USD has dissipated. Looking ahead, the next major support levels below 1.3790 are at 1.3750 and 1.3715. “
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