Cable, according to UOB Group FX Strategists, is continue trading in the 1.3820-1.4020 region for the time being.
Observation for 24 hours: “GBP did not ‘drop below 1.3860,’ as it fluctuated between 1.3871 and 1.3938 before closing barely altered at 1.3880 (+0.07%). The underlying tone is still a little light, and we see a probability for GBP to fall below 1.3860. The major support level of 1.3820 is unlikely to be tested (there is another support at 1.3840). 1.3935 is the next level of resistance after 1.3900.”
Within the next 1-3 weeks: “Last Thursday’s tale (24 June, spot at 1.3965) is still valid. As previously stated, we see the latest movement as part of a consolidation, and we believe GBP will continue to trade in the 1.3820/1.4020 region for some time.”

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