Cable moved to a consolidative phase and is seen navigating between 1,3800 and 1.3930 range in the next weeks.
24-hour view: “Yesterday, we held the view that ‘the overbought advance has room to test 1.3890’. GBP subsequently rose to 1.3878 before pulling back quickly. Upward pressure has eased and GBP has likely moved into a consolidation phase. For today, GBP is likely to consolidate and trade between 1.3820 and 1.3870.”
Next 1-3 weeks: “We continue to hold the same view as from yesterday (16 Aug, spot at 1.3865). As indicated, GBP is deemed to have moved into a consolidation phase and could trade within a 1.3800/1.3930 range for now.”
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