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UOB Group’s FX Strategists noted Cable now moved into a consolidative phase between 1.3730 and 1.3885 in the next weeks.
Key Quotes
24-hour view: “Our expectation for GBP to advance yesterday was incorrect as it dropped to 1.3765 before settling at 1.3792 (-0.37%). While downward momentum has not improved by all that much, the weakness in GBP could extend to 1.3755. The major support at 1.3730 is unlikely to come under threat. On the upside, a breach of 1.3835 (minor resistance is at 1.3810) would indicate that that the current weakness has stabilized.”
Next 1-3 weeks: “Our view from Wednesday (15 Sep, spot at 1.3810) still stands. As highlighted, the current movement is viewed as part of a consolidation phase and GBP could trade between 1.3730 and 1.3885 for a period of time.”