In the view of the currency strategists at UOB Group, the GBP / USD moving within the consolidation range of 1.3810-1.4020 in the short term.
Key Comments:
24 hour vision: “Last Friday, we held the view that GBP / USD ‘could strengthen, but overbought conditions suggest that any advance is unlikely to be able to stay above 1.4020.’ However, the British pound fell sharply from 1.4005 to 1.3865 before rebounding. The quick rebound from the low suggests further weakness unlikely. GBP / USD is more likely to move sideways and is expected to be within the 1.3880 / 1.3980 range. “
Next 1-3 weeks: “There is no change in our view from last Thursday (March 11, GBP / USD at 1.3930). As highlighted, the British pound is expected to ‘move between 1.3810 and 1.4020 for now’. On a short-term move, there is a slight bullish bias, but any advance is expected to face solid resistance at 1.4020 ”.
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