The pair GBP / USD could advance to the 1.3960 level in the coming weeks, note the currency strategists at UOB Group.
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24 hour view: “Our expectation for GBP / USD to ‘test 1.3930’ did not materialize as it traded within a range of 1.3839 / 1.3912. We continue to see room for GBP / USD to move higher, but a clear breakout of 1.3930 unlikely (minor resistance is 1.3915). Support is 1.3850 followed by 1.3835. “
Next 1-3 weeks: “We continue to hold the same view from yesterday (July 12, GBP / USD at 1.3895). As highlighted, the sharp rise in GBP / USD last Friday has pushed risk to the upside and the pair could advance to 1.3960 At this time, the outlook for a sustained rise above this level is not high, upside risk is considered intact as long as GBP / USD does not move below the “strong support” level at 1.3800. “
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