In the opinion of the currency strategists at UOB Group, the GBP / USD is still seen moving within the 1.3630-1.3850 range In the next weeks.
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24 hour view: “We expected GBP / USD to ‘move sideways within a range of 1.3695 / 1.3755’ yesterday. GBP / USD subsequently fell to 1.3699 before rebounding strongly to a high of 1.3767. While the upside momentum hasn’t improved much. , there is room for GBP / USD to move further. A breakout of 1.3800 is not ruled out, but GBP / USD is unlikely to be able to sustain a foothold above this level. The next resistance is at 1.3850. Support is at 1.3735, followed by 1.3700. “
Next 1-3 weeks: “Our view from Tuesday (Aug 24, GBP / USD at 1.3720) remains. As highlighted, GBP / USD is likely to consolidate and trade between 1.3640 and 1.3850 over a period of time.”
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