In the view of UOB Group currency strategists, it is expected that GBP / USD moves within the range of 1.4090-1.4250 for the moment.
Key Comments:
24 hour view: “Yesterday we expected GBP / USD to weaken, but we highlighted that ‘any weakness is likely to be limited to a test of 1.4120’. We added that ‘next support at 1.4090 is unlikely to be threatened’. Our opinion was not wrong, as GBP / USD fell to 1.4112 before recovering rapidly. The downward pressure has eased and for today GBP / USD is likely to consolidate and move within the 1.4135 / 1.4200 range. “
Next 1-3 weeks: “There is not much to add to our update yesterday (June 2, GBP / USD at 1.4150). As highlighted, GBP / USD is likely to move within a range of 1.4090 / 1.4250 for now. Looking ahead, GBP / USD has to close above 1.4250 or below 1.4090 before more directional price action can be expected. “
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