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In opinion of FX Strategists at UOB Group, Cable is still seen navigating within the 1.3810-1.4020 in the near-term.
Key Quotes
24-hour view: “Last Friday, we held the view that GBP ‘could strengthen but overbought conditions suggest any advance is unlikely able to maintain a foothold above 1.4020’. However, GBP fell sharply from 1.4005 to 1.3865 before rebounding. The rapid bounce from the low suggests that further weakness is unlikely. GBP is more likely to trade sideways, expected to be within a 1.3880/1.3980 range.”
Next 1-3 weeks: “There is no change in our view from last Thursday (11 Mar, spot at 1.3930). As highlighted, GBP is expected to ‘trade between 1.3810 and 1.4020 for now’. On a shorter-term note, there is slight upward bias but any advance is expected to face solid resistance at 1.4020.”