It is still expected that the GBP / USD moves within the range of 1.3735-1.3900 in the coming weeks, suggest currency strategists at UOB Group.
24 hour view: “Yesterday, we expected GBP / USD to ‘consolidate and trade between 1.3830 and 1.3900’. GBP / USD subsequently rose a couple of pips from our expected range (1.3898 high) before falling sharply to 1.3805. Hectic price has led to a mixed outlook. For today, GBP / USD could trade between 1.3800 and 1.3885. “
Next 1-3 weeks: “There is no change in our view from two days ago (July 14, GBP / USD at 1.3805). As highlighted, GBP / USD is likely to trade between 1.3735 and 1.3900 over a period of time. future, a breakout of 1.3900 is not ruled out, but GBP / USD has to close above 1.3930 before a sustained advance can be expected. On the downside, 1.3735 is solid support and only a breakout of this level would indicate that GBP / USD is ready to head lower towards 1.3670. “