The pair GBP / USD still looks within the 1.3650-1.3810 range for now, note the currency strategists at UOB Group.
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24 hour view: “Our expectation of a ‘further strength in GBP / USD’ last Friday was incorrect, as it fell to 1.3659 before settling on a soft tone at 1.3670 (-0.36%). While the downside momentum has not improved Much, the decline has room to fall below 1.3650. That said, a sustained decline below 1.3650 is unlikely (next support at 1.3610). Resistance is at 1.3695, followed by 1.3725. “
Next 1-3 weeks: “Last Friday (Sep 24, GBP / USD at 1.3730), we highlighted that GBP / USD is in a consolidation phase and is likely to trade between 1.3650 and 1.3810 for a period of time. We were not expecting how quickly GBP / USD is approaching 1.3650 as it fell to 1.3659 during the American session. Despite the decline, the downside momentum has not improved much. Looking ahead, GBP / USD needs to close below 1.3610 before a sustained decline can be expected. “
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