GBP/USD: Any advance is unlikely to reach 1.3660 – UOB Group
|Further Pound Sterling (GBP) strength appears likely; any advance is unlikely to reach 1.3660. In the longer run, price action suggests GBP could rise to 1.3635, potentially reaching 1.3660, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Price action suggests GBP might potentially reach 1.366
24-HOUR VIEW: "Our view of sideways trading yesterday was incorrect, as GBP rose sharply and closed at 1.3599, up 0.36%. Further GBP strength appears likely, even though, based on the current momentum, any advance is unlikely to reach 1.3660 today. Note that there is another resistance level at 1.3630. On the downside, support levels are at 1.3585 and 1.3570."
1-3 WEEKS VIEW: "The following are excerpts from our update last Friday (12 Sep, spot at 1.3575): 'There has been a slight increase in upward momentum, but it is not sufficient to indicate a sustained rise just yet. GBP must break and hold above 1.3595 before a move toward 1.3635 can be expected. The odds of a clear break above 1.3595 are not high, but they will remain intact as long as the ‘strong support’ level at 1.3510 is not breached.” Yesterday, GBP rose to a high of 1.3621 and then closed at 1.3599 (+0.36%). The price action suggests GBP could rise to 1.3635, potentially reaching 1.3660. The ‘strong support’ level is now at 1.3545 instead of 1.3510."
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