GBP/USD: Failure to surpass the 1.40 level underscores the 1.36-1.40 range – Westpac

Although surprisingly strong business surveys may allow for interim rebounds, the GBP/USD pair appears to be range-bound (1.36-1.40), economists at Westpac report.

See: GBP/USD to tackle the 1.3571 July low while below the 1.38 level – Commerzbank

Solid CBI surveys provided GBP with support rather than strength

“The continued success in the UK's vaccination program should prevent any reversal of reopening of the economy, though the return to schools next month may prove to be a critical test of the relaxing of restrictions. However, the positive tone of surveys and reopening have so far merely supported rather than strengthened GBP.”

“GBP/USD’s failure to retest 1.40 this month reflects USD strength, underscoring a 1.36-1.40 range.”