GBP / USD remains poised to extend 1.3640-1.3850 range for the moment, as suggested by currency strategists at UOB Group.
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24 hour view: “Our expectations that GBP / USD ‘break 1.3800’ yesterday were incorrect, as it fell sharply from 1.3767 (the low was 1.3690). While the downside momentum has not improved much, the decline has room to extend to 1.3670. Higher support at 1.3640 is unlikely to be threatened. Resistance is at 1.3725, followed by 1.3750. “
Next 1-3 weeks: “On Tuesday (Aug 24, GBP / USD at 1.3720), we highlighted that GBP / USD is likely to consolidate and trade between 1.3640 and 1.3850 for a period of time. We continue to expect GBP / USD to consolidate despite that the slightly weakened underlying tone suggests that downside risk is higher. That said, GBP / USD has to close below 1.3640 before a sustained decline can be expected. “
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