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- GBP/USD still targets the 1.3400 level and above – UOB
GBP/USD still targets the 1.3400 level and above – UOB
FXStreet reports that FX Strategists at UOB Group said that cable looks firm and could advance to the area past 1.3400.
Next 1-3 weeks: “We have held a positive view in GBP since last Tuesday. In our latest narrative from yesterday (23 Nov), we indicated that ‘upward momentum has improved and a break of 1.3322 would shift the focus to 1.3360 (followed by 1.3400)’. That said, we did not anticipate the sped-up price actions as GBP blew past 1.3322 and 1.3360 and hit a high of 1.3396. The advance was however short-lived as GBP plummeted from the high (overnight low of 1.3265). Despite the set-back, it is too soon to call for a short-term top. As long as 1.3200 is intact (no change in ‘strong support’ level), there is a chance, albeit not a high one, for GBP to push above 1.3400. However, overbought shorter-term conditions could lead to a couple of days of consolidation first. Looking forward, the next resistance level of note above 1.3400 is at the year-to-date high of 1.3481.”
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