According to the currency strategists at UOB Group, GBP / USD is expected to remain moving within a range for the moment.
Key Comments:
24 hour view: “Yesterday we expected GBP / USD to ‘trade sideways within a range of 1.3880 / 1.3980’. However, it fell to 1.3854 before recovering to end the day at 1.3900 (-0.50%). Bearish momentum has improved a bit and GBP / USD could fall below 1.3850. Next support at 1.3810 is not expected to be threatened. On the upside, a break of 1.3945 would indicate that the current slight downside pressure has eased (minor resistance is at 1.3915 ) “.
Next 1-3 weeks: “There is no change in our view from last Thursday (March 11, GBP / USD at 1.3930). As highlighted, the British pound has entered a consolidation phase and is expected to ‘move between 1.3810 and 1.4020 for now.’
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