Greater consolidation seems likely; The strongest underlying tone suggests a higher range of 1,3390/1,3465. In the long term, the perspective of the sterling pound (GBP) remains negative against the US dollar (USD); The next technical objective in 1,3320 may not appear so soon, since it could be consolidated first, the FX analysts of the UOB Group, to be Leang and Peter Chia.
The technical objective in 1,3320 may not appear
24 -hour vision: “After the irregular price action in GBP two days ago, we indicated yesterday that ‘despite strong fluctuations, current price movements are probably part of a consolidation phase of 1,3360/1,3460.’ We did not expect the strong decrease in volatility, since GBP was negotiated in a quiet way between 1,3375 and 1,3421, closing without changes in 1,3418.
Vision at 1-3 weeks: “We have maintained a negative perspective for GBP since the beginning of this month. In our most recent narrative two days ago (July 16, Spot in 1,3395), we reiterate that ‘the perspective for GBP remains negative.’ However, we point out that ‘the next technical objective in 1,3320 may not appear so soon, since it could be consolidated first.’ Since then, the bearish impulse has decreased something, but we will keep our perspective as long as 1,3490 (‘strong resistance’ previously in 1,3500) is not broken).
Source: Fx Street
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