Further rangebound in Cable is likely in the next weeks, suggested FX Strategists at UOB Group.
24-hour view: “We highlighted yesterday that ‘there is room for GBP to test 1.3960 first before easing’. GBP subsequently dipped to 1.3861 before rising to a high of 1.3963 during late NY hours. Upward momentum has improved a tad and GBP could edge up to 1.3980. The next resistance at 1.4020 is not expected to come into the picture. Support is at 1.3915 followed by 1.3880.”
Next 1-3 weeks: “Our update from yesterday (22 Jun, spot at 1.3920) still stands. As highlighted, the recent weakness in GBP has run its course and the current movement is viewed as the early stages of a consolidation phase. GBP is likely to trade within a 1.3820/1.4020 range for now.”
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