Cable remains poised to challenge and surpass the 1.3850 level in the next weeks, suggested FX Strategists at UOB Group.
24-hour view: “Our expectations for GBP to ‘move above 1.3850’ did not materialize as it traded in a relatively quiet manner between 1.3776 and 1.3834. Flattish momentum indicators suggest that GBP is likely to trade sideways for today, expected to be within a range of 1.3760/1.3830.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (21 Oct, spot at 1.3825). As highlighted, while GBP is likely to break 1.3850, upward momentum is not that strong and 1.3915 may not come into the picture so soon. Overall, the GBP strength that started last Thursday (14 Oct, spot at 1.3665) is deemed intact as long as GBP does not move below 1.3720 (no change in ‘strong support’ level from yesterday).”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.