Currency strategists at UOB Group suggest that GBP/USD could now move within the range of 1.3100-1.3300 In the next weeks.
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24 hour view: “We expected GBP/USD to ‘trade sideways within a range of 1.3165/1.3235’ last Friday. Our view for sideways movement was not wrong even though GBP/USD moved within a narrower range of than expected (1.3160/1.3223) From here the underlying tone appears to have softened and GBP/USD is likely to drop to 1.3135 Major support at 1.3100 unlikely to be threatened Resistance is at 1.3195, followed by 1.3220.”
Next 1-3 weeks: “Our update from last Friday (March 25, GBP/USD at 1.3195) still stands. As highlighted, GBP/USD seems to have moved into a consolidation phase and is likely to move between 1.3100 and 1.3300 for now .”
Source: Fx Street
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