The libra it will still trade between 1.3500 and 1.3680 in the coming weeks, as noted by FX strategists at UOB Group.
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24-hour perspective: “Yesterday, we highlighted that the bias for the GBP is to the upside, but it was unlikely that any advance would break the strong resistance at 1.3680. Our view was not bad as the pound rose to 1.3674, but we do not anticipate the sharp decline and fast from the high (to the low of 1.3584 in recent hours in New York) .The rapid decline has gathered momentum and the pair could weaken to 1.3545. A sustained decline below this level seems unlikely (next support is at 1.3500). The resistance is 1.3615 followed by 1.3635.”
Next 1-3 weeks: “We highlighted yesterday (Oct 11, pair at 1.3635) that the probability of the pound breaking above the ceiling of the expected consolidation range of 1.3460 / 1.3680 has increased. The pound subsequently rose near 1.3680 (1.3674 high) earlier staging a surprisingly strong decline (1.3584 low). Short-term momentum buildup has faded rapidly. In other words, the pound is still trading in a consolidation phase, probably within a range of 1.3500 / 1.3680 (reduced to 1.3460 / 1.3680 previously). “
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