In the opinion of the currency strategists at UOB Group, the GBP / USD is still seen attempting a move to 1.3890 while holding above 1.3760.
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24 hour view: “We highlighted yesterday that ‘the upward pressure has eased and GBP / USD has probably moved into a consolidation phase’ and we expected GBP / USD to ‘move sideways within a 1.3800 / 1.3870 range.’ Opinion for the lateral movement was not wrong even though GBP / USD moved within a narrower range than expected (1.3797 / 1.3841). Price action offers no new clues and more lateral movements would not be surprising. Range expected for today, 1.3800 / 1.3860. “
Next 1-3 weeks: “There is no change in our opinion yesterday (Sep 13, GBP / USD at 1.3835). As highlighted, as long as 1.3760 does not break, GBP / USD could stage another attempt to break above 1.3890. That said, the GBP / USD has to move higher these two days or the possibility of a breakthrough to 1.3890 would diminish rapidly. Looking ahead, GBP / USD has to close above 1.3910 before a sustained advance can be expected. Right now, the outlook for GBP / USD to close above 1.3910 is not high. “
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