The pair GBP / USD lost momentum to the upside and has now moved into a consolidation phase of 1.3500-1.3680, note the currency strategists at UOB Group.
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24 hour view: “Our expectations of GBP / USD ‘weakening to 1.3545’ did not materialize as it traded between 1.3568 and 1.3636 before closing virtually unchanged at 1.3589. The underlying tone still appears to be soft and we continue to see room for the price. GBP / USD to weaken to 1.3545. However, the main support at 1.3500 is not expected to be threatened.On the upside, a breakout of 1.3635 (minor resistance is at 1.3620) would indicate that the current mild pressure has eased. “
Next 1-3 weeksas: “There is no change in our view yesterday (Oct 12, GBP / USD at 1.3590). As highlighted, the recent build-up of short-term upside momentum has faded. The current move is seen. as part of a consolidation and GBP / USD is likely to trade within the 1.3500 / 1.3680 range for now. “
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