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.”

Our Source

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