Currency strategists at UOB Group note that GBP / USD is now seen trading within the 1.3760-1.3910 range In the next weeks.
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24 hour view: “Last Friday, we had an opinion that GBP / USD ‘could target lower, but main support at 1.3715 is likely out of reach.’ GBP / USD subsequently fell to 1.3734 before hitting a strong bounce and ended the day with a firm tone at 1.3836 (the high was 1.3844). The bounce seems to be ahead of itself, but there is scope for the GBP / USD to test 1.3860 first before relaxing. Support is at 1.3805 in a row. of 1.3780. “
Next 1-3 weeks: “We indicated last Friday (Jul 2, GBP / USD at 1.3765) that GBP / USD ‘is in a weak phase and the next level to focus on below 1.3750 is 1.3715’. GBP / USD subsequently declined to 1.3734 before climbing back to 1 pip from our “strong resistance” level at 1.3845 (high of 1.3844 during the final hours of the American session). While the “strong resistance” level remains intact, the rapid loss of Downside momentum indicates that the weak phase of GBP / USD has ended earlier than expected. From here, GBP / USD could trade between 1.3760 and 1.3910 for a period of time. “
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