The pair GBP / USD remains in consolidation mode and is likely to continue moving within the 1.3810-1.4020 range In the next weeks.
Key Comments:
24 hour view: “Yesterday, we highlighted that the British pound ‘could fall below 1.3850’, but we are of the opinion that ‘1.3810 is not expected to be threatened.’ However, GBP / US briefly fell to 1.3809 before rising again to end the little changed day at 1.3895 (-0.04%). Strong bounce from the low appears to be ahead of itself and GBP / US is unlikely to strengthen much further. The pair is more likely to consolidate and move between 1.3840 and 1.3930 “.
Next 1-3 weeks: “There is no change in our view from last Thursday (March 11, GBP / US at 1.3930). As highlighted, the British pound ‘has entered a consolidation phase and is expected to trade between 1.3810 and 1.4020 for now’. Keep in mind that GBP / USD fell one pip below the expected range low (1.3809 low) yesterday (March 16) before quickly recovering. “
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