FXStreet reports that FX Strategists at UOB Group expect the cable to maintain the consolidative phase within the 1.3600-1.3830 range in the next weeks.
24-hour view: “The underlying tone still appears to be a tad firm and the bias for GBP is tilted to the upside. That said, 1.3800 is likely out of reach for today (1.3780 is already quite a strong level). Support is at 1.3730 followed by 1.3710.”
Next 1-3 weeks: “There is not much to add to our update from last Friday (23 Jul, spot at 1.3770). As highlighted, ‘shorter-term momentum has improved somewhat but GBP is still likely to trade within a range of 1.3600/1.3830 for now’. Looking ahead, a break of 1.3830 is not ruled out but GBP is unlikely able to maintain a foothold above this level.”
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