The pound is still targeting the 1.3890 level as long as it doesn’t break below 1.3760, suggested by forex strategists at UOB Group.
24-hour perspective: “We highlighted last Friday that the pound advance had room to extend but was unlikely to break last week’s high near 1.3890. Our view was not bad as GBP subsequently rose a couple of pips. 1.3890 (1.3888 high) before reversing. The upward pressure has eased and the pound has probably moved into a consolidation phase. In other words, it is GBP likely to trade sideways today, expected to be within 1.3800 / 1.3870 range.”
Next 1-3 weeks: “Last Friday (Sep 10, pair at 1.3840), we had the opinion that there was room to test 1.3890, but it was too early to expect a sustained advance. The pound subsequently rose to 1.3888 before retreating. As long as 1.3760 does not break, the GBP could stage another attempt to move to 1.3890. Going forward, the pound has to close above 1.3910 before a sustained rise can be expected. “

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