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- GBP/USD could climb to the 1.3070 region near-term – UOB
GBP/USD could climb to the 1.3070 region near-term – UOB
FXStreet reports that cable remains firm and a move to the 1.3070 region is probable in the short-term horizon, noted FX Strategists at UOB Group.
Next 1-3 weeks: “We noted yesterday (05 Oct, spot at 1.2915) that ‘the underlying tone appears to have firmed but GBP has to close above the major resistance at 1.3000 before a sustained advance can be expected’. While GBP closed at 1.2981, the improvement in momentum indicates that GBP is likely to trade with an upward bias from here. A move to the next resistance at 1.3070 would not be surprising but the next major resistance at 1.3130 is unlikely to come into the picture. Overall, the current positive bias is deemed as intact as long as GBP does not move below 1.2890. On a shorter-term note, 1.2925 is already quite a strong level.”
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