GBP/USD keeps pointing to some consolidation near term – UOB
|GBP/USD is forecast to maintain the 1.3460/1.3680 range for the next weeks, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “While we expected GBP to weaken yesterday, we were of the view that ‘any weakness is likely limited to 1.3580’. However, GBP plummeted to 1.3545 before rebounding strongly. Downward pressure has eased with the rebound and GBP is unlikely to weaken further. For today, GBP is more likely to consolidate and trade between 1.3555 and 1.3630.”
Next 1-3 weeks: “There is no change in our view from Monday (04 Oct, spot at 1.3570). As highlighted, the current movement in GBP is viewed as part of a consolidation phase and GBP could trade within a 1.3460/1.3680 range for now.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.