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GBP/USD: Likely to trade in a lower range of 1.3400/1.3535 – UOB Group
Key Takeaways (30s Read)
GBP/USD is expected to trade within a lower range of 1.3400/1.3535 amid growing downside risks.
UOB Group's FX analysts, Quek Ser Leang and Peter Chia, suggest that the Pound Sterling (GBP) is facing increasing downside risks. They anticipate that GBP/USD is likely to trade within a lower range of 1.3400 to 1.3535. While there are signs of weakening in the Pound, this may not lead to significant volatility or breakout moves, keeping the price action contained within this established range. Historical price behavior has shown that 1.3400 serves as a support level, while attempts to rally towards 1.3535 have often failed, reinforcing the expectation of continued range-bound trading between these levels.
AI Analyst
AI Opinion
"The view that GBP/USD will remain within a lower range reflects current economic conditions. Uncertainties surrounding monetary policies in both the Eurozone and the U.S. are likely to exert additional pressure on the Pound, leading investor sentiment to remain cautious. Moreover, upcoming economic indicators and political uncertainties could further impact the GBP, emphasizing the necessity for traders to closely monitor price movements within this defined range. In the context of risk sectors exhibiting instability, trading within this range may present a more secure strategy."
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