It is predicted that GBP / USD will hold the 1.3460 / 1.3680 range in the coming weeks, suggest currency strategists at UOB Group.
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24 hour view: “Although we expected GBP / USD to weaken yesterday, we are of the opinion that ‘any weakness is likely to be limited to 1.3580.’ However, GBP / USD tumbled to 1.3545 before rebounding sharply. The downward pressure has eased with the rebound and GBP / USD is unlikely to weaken further. For now, GBP / USD is more likely to consolidate and trade between 1.3555 and 1.3630. “
Next 1-3 weeks: “There is no change in our view from Monday (Oct 4, GBP / USD at 1.3570). As highlighted, the current movement in GBP / USD is seen as part of a consolidation phase and GBP / USD USD could trade within a 1.3460 / 1.3680 range for now. “
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