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- GBP/USD: Too early to expect a new positive phase - UOB
GBP/USD: Too early to expect a new positive phase - UOB
UOB Group’s FX Strategists suggest that GBP/USD has to close above 1.4235 before a move to 1.4290 can be expected
24-hour view: "We highlighted last Friday that GBP could test 1.4220. We added, “a sustained rise above this level is unlikely (there is another strong resistance at 1.4235)”. GBP subsequently rose to 1.4233 before pulling back sharply (low has been 1.4141). While downward momentum has not improved by all that much, the pullback could extend lower. However, a break of the strong support at 1.4100 is unlikely (there is a minor support at 1.4130)."
Next 1-3 weeks: "As highlighted, it is too early to expect GBP to move into a new positive phase. GBP has to close above 1.4235 before a move to 1.4290 can be expected. GBP subsequently rose to 1.4233 before pulling back sharply. The prospect for GBP to move clearly above 1.4235 has diminished but only a break of the ‘strong support’ at 1.4100 (same level as last Friday) would indicate that the upside risk has dissipated."
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