It is anticipated that the GBP / USD moves within the range of 1.3750-1.3950 in the coming weeks, suggest currency strategists at UOB Group.
Key Comments:
24 hour view: “We highlighted yesterday that ‘further sideways consolidation would not be surprising, although the firm underlying tone suggests a higher trading range of 1.3850 to 1.3925.’ Subsequently, GBP / USD moved within a narrower range than expected (1.3867 / 1.3929) It would not be surprising if there were more lateral movements, albeit in a lower range of 1.3850 to 1.3920 ”.
Next 1-3 weeks: “There is not much to add to our update last Friday (April 23, GBP / USD at 1.3845). As highlighted, the recent strength of the British pound has come to an end and the current move is considered part of a consolidation phase. In other words, the British pound was expected to move sideways, probably between 1.3750 and 1.3950. Looking ahead, a breakout of 1.3950 would not be surprising, but GBP / USD has to close above 1.3980 before a sustained advance can be expected. “
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