FXStreet reports that FX Strategists at UOB Group note that cable’s upside is seen gathering further traction in the next weeks.
24-hour view: GBP popped above 1.3900 during late NY session (high of 1.3913) before settling on a strong note at 1.3908 (+0.60%). Robust upward momentum is likely to lead to further GBP strength towards 1.3950. The major resistance at 1.4000 is not expected to come under threat.”
Next 1-3 weeks: “We noted yesterday (05 Apr, spot at 1.3825) that GBP ‘is in a consolidation phase and is expected to trade between 1.3700 and 1.3900’. We did not anticipate the sudden surge in momentum that sent GBP to 1.3913 and the subsequent strong daily closing at 1.3908 (+0.60%). There is scope for GBP to strengthen further but 1.4000 is solid resistance and the odds for a sustained rise above this level are not high. Overall, GBP is expected to trade with a positive bias as long as it does not move below 1.3820 within these few days.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.