In the opinion of the currency strategists at UOB Group, GBP / USD should keep trading between 1.3690 and 1.3840 for the next few weeks.
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24 hour view: “Our expectations that ‘the rapid decline in GBP / USD will spread’ did not materialize as it traded relatively quietly between 1.3742 and 1.3790 before closing virtually unchanged at 1.3768 (+ 0.09%). The underlying tone still remains. appears to be a bit soft and GBP / USD could fall from here. However, a clear breakout of 1.3725 is unlikely. Resistance is at 1.3790, followed by 1.3810. “
Next 1-3 weeks: “There is no change in our opinion since yesterday (Oct 25, GBP / USD at 1.3755). As highlighted, the recent strength of GBP / USD has come to an end. The current move is seen as part of a phase. consolidation and GBP / USD is likely to move between 1.3690 and 1.3840. “
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