The pair GBP / USD still ready to challenge and break above the 1.3850 level in the coming weeks, suggest currency strategists at UOB Group.
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24 hour view: “Our expectations for GBP / USD to ‘move above 1.3850’ did not materialize as it moved relatively quietly between 1.3776 and 1.3834. Momentum indicators suggest that GBP / USD is likely to move from side today. It is expected to be within a range of 1.3760 / 1.3830. “
Next 1-3 weeks: “Not much to add to our update yesterday (Oct 21, GBP / USD at 1.3825). As highlighted, while GBP / USD is likely to break 1.3850, the upside momentum is not that strong and 1.3915 may not enter the scene so soon. Overall, the GBP / USD strength that started last Thursday (Oct 14, GBP / USD at 1.3665) is considered intact as long as the pair does not move below 1.3720 (no change from yesterday’s ‘strong support’ level) “.
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