According to forex strategists at UOB Group, the libra now you see navigating within the 1.3460-1.3680 range in the coming weeks.
24-hour perspective: “Our view that the pound was unlikely to advance much further yesterday was incorrect as it rose to 1.3640 before settling on a firm note at 1.3607 (+ 0.48%). Despite the advance, the upside momentum has not improved that much. From here, there is room to retest the 1.3640 level first before the risk of a pullback increases. Major resistance at 1.3680 is not expected to enter the scene. On the downside, a break of 1.3560 (minor support is at 1.3585) would indicate that the current mild upward pressure has eased. “
Next 1-3 weeks: “There is no change in our outlook yesterday (Oct 4, pair at 1.3570). As highlighted, the recent weakness in the GBP has ended. The current move is seen as part of a consolidation phase and the pound could trade within a 1.3460 / 1.3680 range for now. “
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