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The GBP/USD pair touched above 1.3700, before retreating. Somewhat baffling is the supported sterling despite the negatives due to Brexit and the pandemic situation. All in all, Terence Wu, FX Strategist at OCBC Bank, expects the cable to trade between 1.3600 and 1.3720.

Key quotes

“The USD selling post-Powell saw the GBP/USD lift to 1.3712 high, but again failed to hold gains.”

“The market seemed intent to bid up the GBP, which lagged the EUR amid the Brexit negotiations. Nevertheless, domestic concerns remain daunting at this stage.” 

“Expect the GBP/USD pair to range between 1.3600 and 1.3720 for now.”