GBP/USD still seen between 1.3820 and 1.4020 – UOB

]In the opinion of FX Strategists at UOB Group, Cable remains expected to navigate within the 1.3820-1.4020 range for subsequent weeks.

Key Quotes
24-hour view: “We highlighted yesterday GBP could ‘edge up to the 1.3980’ but we were of the view that ‘1.4020 isn’t expected to return into the picture’. GBP subsequently rose to 1.4001 before pulling back. Upward pressure is starting to ease and GBP is unlikely to strengthen much further. For today, GBP is more likely to trade between 1.3930 and 1.4005.”

Next 1-3 weeks: “On Tuesday (22 Jun, spot at 1.3920), we held the view that the recent weakness in GBP has run its course and that we expect GBP to ‘trade within a 1.3820/1.4020 range’. GBP rose to 1.4001 yesterday (23 Jun) before easing off. there’s no change in our view and that we still regard the present movement as a part of a consolidation. In other words, GBP could trade within a 1.3820/1.4020 for a short time more.”

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