It is expected that the GBP / USD maintain the consolidation phase within the range of 1.3600-1.3830 in the coming weeks, suggest currency strategists at UOB Group.
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24 hour view: “Our expectation for GBP / USD to ‘test 1.3800’ last Friday failed to materialize as it moved between 1.3720 and 1.3779. The underlying tone still appears to be a bit firm and the bias for GBP / USD is leaning to the side. Positive. That being said, 1.3800 is likely out of reach today (1.3780 is already quite a strong level). Support is at 1.3730, followed by 1.3710. “
Next 1-3 weeks: “Not much to add to our update last Friday (July 23, GBP / USD at 1.3770). As highlighted,” short-term momentum has improved a bit, but GBP / USD is likely to continue trading within. from a range of 1.3600 / 1.3830 for now. “Looking ahead, a breakout of 1.3830 is not ruled out, but GBP / USD is unlikely to be able to sustain a foothold above this level.”

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