In the opinion of UOB Group currency strategists, it is still GBP / USD is forecast to move within the 1.3750-1.3950 range In the next weeks.
Key Comments:
24 hour view: “Yesterday we expected GBP / USD to ‘move sideways within a range of 1.3850 / 1.3920’. Subsequently, the British pound moved between 1.3860 and 1.3924 before closing practically unchanged at 1.3910. The outlook is mixed and the British pound it could continue to move sideways today and is expected to be within a range of 1.3860 / 1.3920 ”.
Next 1-3 weeks: “There is not much to add to our update last Friday (April 23, GBP / USD at 1.3845). As highlighted, the recent strength of the British pound has come to an end and the current move is considered part of a consolidation phase. In other words, GBP / USD is expected to move sideways, probably between 1.3750 and 1.3950. Looking ahead, a breakout of 1.3950 would not be surprising, but GBP / USD has to close above 1.3980 before a sustained advance can be expected. “
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