The pair is now expected GBP/USD moves between 1.3100 and 1.3235 in the coming weeks, according to currency strategists at UOB Group.
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24 hour view: “Yesterday we highlighted that ‘the rapid decline appears to be overdone and GBP/USD is unlikely to weaken much further’ and we expected GBP/USD ‘ses to move between 1.3160 and 1.3260’. GBP/USD subsequently fell to 1.3157 during early London hours before rallying to move sideways for the rest of the sessions Momentum indicators look flat and GBP/USD is likely to move sideways today Range expected today is 1.3165/1.3235. “
Next 1-3 weeks: “GBP/USD fell below our ‘strong support’ level at 1.3160 yesterday (low 1.3157). The break of ‘strong support’ indicates that the GBP/USD strength that began late last week has ended To look at it another way, GBP/USD appears to have moved into a consolidation phase and is likely to move between 1.3100 and 1.3300 for now.”
Source: Fx Street
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