GBP/USD: Still scope for a move to 1.2745 – UOB
|Extra gains could still lift GBP/USD to the 1.2745 level in the next few weeks, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: GBP traded between 1.2665 and 1.2733 yesterday before ending the day unchanged at 1.2695. The price action is likely part of a rangetrading phase. Today, GBP could continue to trade in a range, albeit a lower one of 1.2655/1.2720.
Next 1-3 weeks: Our most recent update was from a week ago (23 Nov, spot at 1.2490), wherein GBP “is likely to trade between 1.2360 and 1.2560 for the time being.” GBP then rose above 1.2560, and yesterday, it reached a high of 1.2733. Despite the advance, upward momentum has not increased much. However, as long as 1.2600 is not breached (‘strong support’ level), there is room for it to advance to 1.2745 before the risk of a pullback increases. At this time, the chance of GBP rising to the next resistance at 1.2795 is not high.
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