GBP/USD now looks to 1.3450 – UOB

Pablo Piovano FXStreet

Cable remains firm and is now expected to test the mid-1.3400s in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “The strong surge in GBP last Friday that led to a whopping gain of +1.15% (1.3350) came as a surprise. Further gains are not ruled out but overbought conditions suggest a slower pace of advance and the resistance at 1.3410 could be out of reach (next resistance is at 1.3450). Support is at 1.3300 followed by 1.3260.”

Next 1-3 weeks: “We noted last Friday (28 Aug, spot at 1.3210) that GBP ‘could continue to trade in a choppy manner between the two major levels of 1.3000 and 1.3300’. We added, ‘only a clear break of either one of the two levels would indicate the start of a more sustained directional move’. That said, we did not anticipate the manner by which GBP vaulted to a high of 1.3357 before closing sharply higher at 1.3350 (+1.15%). While the advance appears to be running ahead of itself, robust momentum indicates further GBP strength is likely. From here, GBP could strengthen towards 1.3450, albeit likely at a slower pace. All in, the current positive phase in GBP is deemed as intact as long as it holds above the ‘strong support’ level of 1.3220.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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