Now GBP / USD is expected to move between 1.3820 and 1.4020 in the coming weeks, suggest currency strategists at UOB Group.
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24 hour view: “Although we had the opinion yesterday that ‘further sustained GBP / USD weakness is unlikely’, we expected the pair to ‘trade between 1.3780 and 1.3870.’ The strong bounce that sent GBP / USD to 1.3937 was a surprise. Fast rebound seems to be ahead of itself, but there is room for GBP / USD to test 1.3960 first before relaxing. Next resistance at 1.4020 is not expected to enter the scene. Support is at 1.3890, followed by 1.3860. “
Next 1-3 weeks: “We have held a negative view on GBP / USD since the beginning of last week. After GBP / USD plunged to 1.3791 last Friday, we noted yesterday (June 21) that ‘the sharp and rapid decline appears to be coming ahead. itself and although there is room for GBP / USD to weaken to 1.3750, this level may not enter the scene that soon. ” However, we did not expect the strong rally in GBP / USD that sent it up + 1.03%. (close at 1.3934), its biggest daily advance since January. The break of our “strong resistance” level at 1.3920 indicates that the weak phase is over. The current move is seen as the early stages of a consolidation phase and is likely for GBP / USD to trade between 1.3820 and 1.4020 for now. “
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