Currency strategists at the UOB Group point out that GBP / USD has now entered a consolidation phase between 1.3730 and 1.3885 In the next weeks.
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24 hour view: “Our expectation for GBP / USD to advance yesterday was incorrect as it fell to 1.3765 before settling at 1.3792 (-0.37%). While the downside momentum has not improved as much, weakness in GBP / USD could extend to 1.3755. Major support at 1.3730 is unlikely to be threatened. On the upside, a breakout of 1.3835 (minor resistance is at 1.3810) would indicate that current weakness has stabilized. “
Next 1-3 weeks: “Our view from Wednesday (Sept 15, GBP / USD at 1.3810) is still standing. As highlighted, the current move is considered part of a consolidation phase and GBP / USD could move between 1.3730 and 1.3885 during a period of time. “
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