GBP/USD sticks to the rangebound theme – UOB
|Cable is still seen navigating the 1.3760-1.3910 range for the next weeks, suggested FX Strategists at UOB Group.
Key Quotes
24-hour view: “Yesterday, we held the view that GBP ‘has scope to test 1.3860 first before easing’. Our view was not wrong as GBP rose to 1.3862 before easing slightly. From here, there appears to be scope for GBP to advance to 1.3885 first before a deeper pullback can be expected. The next resistance at 1.3910 is unlikely to come into the picture. Support is at 1.3825 followed by 1.3795.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (05 Jul, spot at 1.3830). As highlighted, the recent weak phase in GBP has ended and GBP could trade between 1.3760 and 1.3910 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.