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GBP/USD: Expectations for a break of 1.1400 are reduced – UOB

UOB Group currency strategists Lee Sue Ann and Quek Ser Leang note that GBP/USD unlikely to break below 1.1400 level anytime soon.

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24 hour view: “Yesterday we highlighted that GBP/USD “could first drop to 1.1465 before stabilizing”. Our expectations did not materialize as GBP/USD fell as low as 1.1480 before quickly bouncing back to 1.1589. Price action appears to be part of a consolidation and GBP/USD is expected to trade sideways today, though probably within a higher range of 1.1500/1.1600.”

Next 1-3 weeks: “We continue to hold the same view as yesterday (Sep 14, GBP/USD at 1.1510). As we have highlighted, GBP/USD is likely to remain under pressure for now, but at this point, the possibility of GBP/USD break major support at 1.1400 is not high Shorter term 1.1450 is already quite solid support To the upside breakout of 1.1630 (no change in yesterday’s “strong resistance” level) would indicate current downside pressure has diminished.”

Source: Fx Street

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