Cable is still seen within the 1.3640-1.3850 range in the next weeks, suggested FX Strategists at UOB Group.
24-hour view: “Our expectations for GBP to ‘test 1.3800’ yesterday did not materialize as it traded in a relatively narrow range between 1.3734 and 1.3774 before closing little changed at 1.3757 (-0.03%). Momentum indicators are turning ‘neutral’ and GBP is likely to trade sideways for today, expected to be within a 1.3730/1.3785 range.”
Next 1-3 weeks: “We have held the same view since last Tuesday (24 Aug, spot 1.3720) where GBP is likely to consolidate and trade between 1.3640 and 1.3850. While upward momentum is beginning to build after the strong advance on Friday, we continue to expect GBP to trade between 1.3640 and 1.3850 for now. Looking ahead, GBP has to break 1.3850 before a sustained advance can be expected.”
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