The pair GBP / USD is still seen navigating the 1.3760-1.3910 range in the coming weeks, suggest currency strategists at UOB Group.
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24 hour view: “Yesterday, we held the view that GBP / USD ‘has room to test 1.3860 first before pulling back.’ Our view was not wrong, as GBP / USD rose to 1.3862 before retreating slightly. From here, it seems there will be room for the pair to advance to 1.3885 first before a deeper pullback can be expected. Next resistance at 1.3910 is unlikely to enter the scene. Support is at 1.3825 followed by 1.3795. “
Next 1-3 weeks: “Not much to add to our update yesterday (July 5, GBP / USD at 1.3830). As highlighted, the recent weak phase in GBP / USD is over and the pair could trade between 1.3760 and 1.3910 for now.”
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