Currency strategists at UOB Group note that they still GBP / USD is expected to move between 1.3460 and 1.3680 for the moment.
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24 hour view: “We highlighted yesterday that ‘the downward pressure has eased with the rebound and GBP / USD is unlikely to weaken further’ and we expected GBP / USD to ‘consolidate and trade between 1.3555 and 1.3630’. GBP / USD subsequently moved between 1.3571 and 1.3638. The underlying tone has improved a bit and GBP / USD could break through 1.3650. The major resistance at 1.3680 is not expected to be threatened. Support is at 1.3595, followed by 1.3570. “
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 of GBP / USD is seen as part of a consolidation phase and GBP / USD could trade within the 1.3460 / 1.3680 range for now. “
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