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GBP/USD: Further range bound in the pipeline – UOB

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GBP/USD is nonetheless considered buying and selling between 1.1050 and 1.1370 in the close to term, propose Markets Strategist Quek Ser Leang and Economist Lee Sue Ann at UOB Group.

Key Quotes
24-hour view: “Our view for GBP to alternate sideways was once flawed as it plummeted by using 0.85% (NY shut of 1.1223). The oversold GBP weak point has room to dip under 1.1150 first earlier than stabilization is likely. On the upside, a ruin of 1.1280 (minor resistance is at 1.1245) would point out that the weak spot in GBP has stabilized.”

Next 1-3 weeks: “Last Friday (14 Oct, spot at 1.1310), we indicated that GBP ought to upward thrust to 1.1440. After GBP rose to 1.1440, we highlighted on Tuesday (18 Oct, spot at 1.1355) that the hazard for GBP remains on the upside however it has to damage truely above 1.1440 earlier than similarly sustained enhance is likely. Yesterday (19 Oct), GBP dropped sharply and took out our ‘strong support’ stage at 1.1220. The destroy of the ‘strong support’ suggests that upward stress has dissipated. In different words, GBP is no longer strengthening further. The modern motion is seen as phase of a consolidation section and we anticipate GBP to exchange sideways, probably inside a vary of 1.1050/1.1370.”

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