The present value motion nonetheless seems to be a part of a consolidation section; Pound Sterling (GBP) is more likely to commerce between 1.3395 and 1.3465. Within the longer run, GBP has did not construct on its earlier momentum, however there’s nonetheless an opportunity for GBP to rise to 1.3515, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
GBP has did not construct on its earlier momentum
24-HOUR VIEW: “Following final Friday’s quiet value motion, we indicated yesterday that ‘momentum indicators are principally flat, and GBP may proceed to consolidate right this moment, more than likely in a spread of 1.3420/1.3465.’ GBP then traded between 1.3399 and 1.3476, a wider vary than anticipated. The present value motion nonetheless seems to be a part of a consolidation section. Right this moment, we count on GBP to commerce between 1.3395 and 1.3465.”
1-3 WEEKS VIEW: “After GBP rose sharply in the midst of final week, we indicated final Friday (08 Aug, spot at 1.3445) that ‘the speedy improve in momentum may result in GBP rising to 1.3515.’ Nonetheless, GBP has did not construct on its earlier momentum, because it consolidated over the previous couple of days. Nonetheless, so long as 1.3365 (‘sturdy assist’ stage beforehand at 1.3345) is undamaged, there’s nonetheless an opportunity for GBP to rise to 1.3515.”
