GBP/USD: Downtrend looks over – UOB
|In opinion of FX Strategists at UOB Group, Cable could now trade within the 1.3640-1.3850 range in the next weeks.
Key Quotes
24-hour view: “Our expectations for GBP to ‘test 1.3765 first before easing off’ did not materialize as it traded in a relatively quiet manner between 1.3694 and 1.3748 before closing unchanged at 1.3729. Momentum indicators are turning ‘flat’ and GBP is likely to trade sideways for today, expected to be within a 1.3695/1.3755 range.”
Next 1-3 weeks: “We continue to hold the same view as from yesterday (24 Aug, spot 1.3720). As highlighted, the recent GBP weakness has come to an end. From here, GBP is likely to consolidate and trade between 1.3640 and 1.3850 for a period of time.”
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