GBP / USD sticks to consolidation status – UOB

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Currency strategists at UOB Group note that GBP / USD still looks within the 1.3460 / 1.3680 range for the moment.

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24 hour view: “We had the opinion yesterday that ‘there is room for GBP / USD to retest the 1.3640 level first before the risk of a pullback increases.’ GBP / USD subsequently rose to 1.3648 before retreating slightly. The advance at 1.3648 lacks momentum and the bias for today is to the downside. That said, any weakness is likely to be capped at 1.3580 (minor support is at 1.3600). Resistance is at 1.3650, followed by the main level at 1.3680. “

Next 1-3 weeks: “There is no change in our view from Monday (Oct 4, GBP / USD at 1.3570). As highlighted, the current move in GBP / USD is seen as part of a consolidation phase and the pair could move within a range of 1.3460 / 1.3680 for now. Going forward, a breakout of 1.3680 could trigger a rise in GBP / USD, but any advance is unlikely to question 1.3750. “

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