According to the FX strategists at UOB Group, the libra it remains in a consolidated range in the short term, although a further rise above 1.3850 is expected.
Featured statements
24-hour perspective: “We highlighted yesterday that the momentum indicators still appeared to be neutral and we expected the pound to trade sideways between 1.3720 and 1.3780. Subsequently, the GBP was trading between 1.3732 and 1.3800 before closing practically unchanged at 1.3768 (+ 0.08%). The tone underlying has improved a bit and the pound could exceed 1.3800. For today, sustained advance above this level is unlikely (The next resistance is at 1.3850). Support awaits at 1.3745 followed by 1.3720. “
Next 1-3 weeks: “We have expected the pound to trade between 1.3640 and 1.3850 since last Tuesday (Aug 24, pair at 1.3720). Yesterday (Sep 1, cross at 1.3755), we noted that the recent short-term momentum buildup had been faded and we were still expecting GBP to trade between 1.3640 and 1.3850. There is no change in our outlook for now, but looking forward, a break of 1.3850 would indicate that the pound is ready to go higher. Meanwhile, a 1.3690 / 1.3850 range is likely enough to contain the GBP move, at least for a few more days. “
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
