GBP/USD sticks to the range bound theme – UOB

In opinion of FX Strategists at UOB Group, GBP/USD must preserve navigating between 1.3690 and 1.3840 for the subsequent weeks.

Key Quotes
24-hour view: “Our expectations for ‘the fast decline in GBP to extend’ did no longer materialize as it traded in a especially quiet manner between 1.3742 and 1.3790 earlier than closing generally unchanged at 1.3768 (+0.09%). The underlying tone nevertheless seems to be a tad tender and GBP should go with the flow decrease from here. However, a clear destroy of 1.3725 is unlikely. Resistance is at 1.3790 accompanied with the aid of 1.3810.”

Next 1-3 weeks: “There is no alternate in our view from the day gone by (25 Oct, spot at 1.3755). As highlighted, the current GBP electricity has come to an end. The modern motion is seen as section of a consolidation segment and GBP is probably to change between 1.3690 and 1.3840.”

Information on these pages incorporates forward-looking statements that contain dangers and uncertainties. Markets and devices profiled on this web page are for informational functions solely and must now not in any way come throughout as a advice to purchase or promote in these property

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