The pair GBP / USD remains in consolidation mode within the range 1.3650-1.3810 for the moment, as suggested by currency strategists at UOB Group.
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24 hour view: “We highlighted yesterday that ‘there is scope for GBP / USD to crash below 1.3650, but a sustained decline below this level is unlikely.’ GBP / USD subsequently dipped to 1.3661 before rebounding to 1.3729 during the session. Momentum indicators are turning ‘neutral’ and GBP / USD is likely to consolidate today. Expected to be between 1.3665 and 1.3740. “
Next 1-3 weeks: “Our latest narration from last Friday (Sep 24, GBP / USD at 1.3730) still stands. As highlighted, GBP / USD is in a consolidation phase and is likely to trade between 1.3650 and 1.3810 over a period of time. While the underlying tone has weakened somewhat, a sustained decline in GBP / USD is likely only if it closes below 1.3610. At this time, the odds that GBP / USD will close below 1, 3610 are not tall. “
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