GBP/USD now looks to 1.3750 – UOB

Pablo Piovano FXStreet

Cable remains firm and could advance to the mid-1.3700s in the short-term horizon, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “While GBP rose to a fresh high of 1.3686 last Thursday (31 Dec), upward momentum has not improved by much. From here, GBP could move above the major resistance at 1.3700 but a sustained rise above this level is unlikely (next resistance is at 1.3750). Support is at 1.3635 followed by 1.3600.”

Next 1-3 weeks: “GBP closed on a relatively strong note last Thursday (1.3662, +0.26%). Upward momentum has improved, albeit not by all that much. Overall, the outlook for GBP appears to be slightly positive and GBP could advance towards 1.3750. On the downside, a break of 1.3560 (‘strong support’ level) would indicate that the current upward pressure has eased.”

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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