The pair is expected GBP / USD moves sideways between 1.3670 and 1.3810 in the coming weeks, suggest currency strategists at UOB Group.
Key Comments:
24 hour view: “We highlighted yesterday that ‘it is too early to expect a significant rebound’ and we expected the British pound to ‘consolidate and move sideways within a range of 1.3670 / 1.3740’. Our opinion was incorrect as GBP / USD fell to 1.3670 before bouncing hard to 1.3776. The rebound appears to be ahead of itself and GBP / USD looks unlikely to rise. For today, the pair is more likely to move between 1.3700 and 1.3780 “.
Next 1-3 weeks: “Yesterday (Apr 12, GBP / USD at 1.3705), we noted that ‘bearish momentum has not improved much but a clear break out of 1.3670 is not ruled out.’ We add, ‘any further weakness is expected to have a difficult time moving through. below the next support at 1.3640. ‘Subsequently, the British pound fell to 1.3670 before rebounding strongly to 1.3776. While our’ strong resistance ‘level at 1.3780 is still intact, bearish momentum has diminished and the prospect of a breakout from 1.3670 has declined. For now, GBP / USD is more likely to trade between 1.3670 and 1.3810. “
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