UOB Group currency strategists Lee Sue Ann and Quek Ser Leang point out that the GBP/USD is now trading between 1.1420 and 1.1620 on the short-term horizon.
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24 hour view: “Yesterday we highlighted that “although the strong GBP/USD bounce could extend, any advance is seen as part of a higher trading range of 1.1460/1.1560”. Our view was not wrong, as GBP/USD traded close to our expected range (1.1464/1.1562) For today, we continue to expect GBP/USD to trade within a range, probably within the 1.465/1.1565 range.”
Next 1-3 weeks: “Our update from yesterday (Sep 8, GBP/USD at 1.1525) still stands. As we have highlighted, price action over the past few days appears to be part of a consolidation and GBP/USD is likely to trade within a range of 1.1420/1.1620 for now.”
Source: Fx Street
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