In the opinion of UOB Group currency strategists, it is considered that GBP / USD will remain within the 1.3800-1.4000 range In the next weeks.
Key Comments:
24 hour view: “We highlighted yesterday that ‘despite the strong rebound, the bullish momentum has not improved as much.’ However, our expectation that GBP / USD would ‘rise higher’ was incorrect as it fell to 1.3840 before picking up quickly. Churning price action has led to mixed outlook. For today, the British pound could trade within a relatively wide range of 1.3845 to 1.3930 “.
Next 1-3 weeks: “There is not much to add to our update yesterday (May 4, GBP / USD at 1.3905). As highlighted, recent rapid changes have resulted in a mixed outlook and GBP / USD is likely to move between 1.3800 and 1.4000 for now. “
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