GBP/USD is expected to extend its sideways move within the range of 1.3450-1.3645 in the coming weeks, currency strategists at the UOB Group suggest.
Key comments
24 hour view: “Yesterday we highlighted that ‘despite the decline, downward momentum has barely improved and GBP/USD is unlikely to weaken much further’ and we expected GBP/USD ‘to move between 1.3490 and 1.3570 ‘.Our view was not bad as GBP/USD rallied to 1.3567 and fell to 1.3488 before quickly rebounding to end the day little changed at 1.3542 (+0.07%).Relatively choppy price action has given rise to a mixed outlook. Further choppy moves would not be surprising, probably within the 1.3500/1.3590 range.”
Next 1-3 weeks: “Our view from last Friday (Feb 11, GBP/USD at 1.3550) still stands. As highlighted, GBP/USD is likely to trade between 1.3450 and 1.3645 for now.”
Source: Fx Street
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