It is expected that the pound keep the range of 1.3580-1.3760 unchanged for the time being, as noted by the currency strategists of UOB Group.
24 hour perspective: “The pound traded yesterday between 1.3656 and 1.3758, relatively close to our expected lateral trading range of 1.3650 / 1.3750. The underlying tone has weakened and the GBP could fall below the 1.3650 support. Nevertheless, next support at 1.3610 is unlikely to be threatened. Resistance is at 1.3695 followed by 1.3720 ”.
Next 1-3 weeks: “Not much to add to our update last Thursday (Jan 28, even at 1.3665). As highlighted, the bias is sloping downward, but any weakness is considered part of a range of 1.3580 / 1.3760. In other words, the British pound could go down, but a sustained decline below 1.3580 is unlikely ”.
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