According to the currency strategists at UOB Group, GBP / USD is now seen trading within the 1.3460-1.3680 range In the next weeks.
Featured Comments
24 hour view: “Our expectations that GBP / USD would ‘move sideways’ were incorrect as it rebounded to a high of 1.3576 during the New York session. The rebound appears to be running ahead of itself and the GBP is unlikely / USD is much higher. For today, GBP / USD is more likely to trade between 1.3510 and 1.3590. “
Next 1-3 weeks: “Our latest narrative was from last Thursday (Sep 30, GBP / USD at 1.3435) where we indicated that GBP / USD ‘remains weak and a breakout of 1.3370 would shift focus to 1.3300’. And we add: ‘current negative outlook are considered intact as long as GBP / USD does not move above 1.3570. ‘We did not expect the strong bounce on Friday (Oct 1) which broke 1.3570 (high of 1.3576). The break of 1.3570 indicates that weakness in the GBP / USD has ended. The current move is seen as part of a consolidation phase and GBP / USD could move within a range of 1.3460 / 1.3680 for now. “
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
