The GBP / USD risks a deeper pullback to the 1.3600 region over the next several weeks, the currency strategists at UOB Group suggest.
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24 hour view: “GBP / USD traded relatively quietly within a 1.3641 / 1.3692 range yesterday before closing largely unchanged at 1.3661 (+ 0.03%). Despite this muted price action, the underlying tone appears to have been. weakened and a break out of the 1.3640 support looks likely. Barring an increase in momentum to the downside, the August low near 1.3600 is unlikely to enter the scene. Resistance is at 1.3685, followed by 1.3715. “
Next 1-3 weeks: “Our last comment was from last Wednesday (Sep 15, GBP / USD at 1.3810) where GBP / USD was expected to ‘trade between 1.3730 and 1.3885 for a period of time.’ GBP / USD broke down 13730 and plummeted to 13640 on Monday (September 20). Momentum to the downside has improved and GBP / USD is likely to weaken further. However, any weakness is expected to find solid support at 1.3600 (near August low) The current downward pressure is considered intact as long as GBP / USD does not move above 13745 (‘strong resistance level’). “
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