GBP/USD: Upward momentum is likely to lead to a higher range – UOB Group
Itsy-bitsy enlarge in upward momentum is seemingly to lead to a elevated differ of 1.3475/1.3535 somewhat than a sustained attain. In the longer urge, Pound Sterling (GBP) is seemingly to proceed to vary-exchange; a narrower differ of 1.3420/1.3560 is seemingly to sufficient to devour the cost movements, UOB Neighborhood’s FX analysts Quek Ser Leang and Peter Chia point to.
GBP is seemingly to proceed to vary-exchange
24-HOUR VIEW: “After our expectation for GBP to check 1.3545 didn’t materialise, we said final Friday that ‘the underlying tone peaceful looks company, and there might be an various for GBP to check 1.3545.’ Our word grew to change into out to be unsuitable, as GBP dropped to a low of 1.3447 sooner than staging a interesting and swift rebound to a excessive of 1.3518. GBP closed marginally lower at 1.3503 (-0.03%). There became once a cramped enlarge in upward momentum, but right here’s seemingly to lead to a elevated differ of 1.3475/1.3535 somewhat than a sustained attain.”
1-3 WEEKS VIEW: “In our most novel narrative from final Thursday (28 Aug, space at 1.3500), we said that GBP ‘is seemingly to interchange in a diffusion between 1.3395 and 1.3575.’ GBP is seemingly to proceed to vary-exchange, but a narrower differ of 1.3420/1.3560 is seemingly sufficient to devour the cost movements for now.”
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