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- GBP/USD: Extra gains likely above 1.4235 – UOB
GBP/USD: Extra gains likely above 1.4235 – UOB
FXStreet reports that in opinion of FX Strategists at UOB Group, Cable faces the prospects of further upside once 1.4235 is cleared in the next weeks.
Next 1-3 weeks: “Yesterday, we indicated that ‘downward momentum is beginning to improve and GBP could edge lower to 1.4055’. We added, ‘the chance for a sustained decline below 1.4055 is not high but it would increase further unless GBP moves above the ‘strong resistance’ level at 1.4180’. Our view was proven wrong as GBP surged past 1.4180 and hit a high of 1.4220. Strong shorter-term momentum suggests that GBP could test 1.4235 but GBP has to close above this major resistance before a sustained advance can be expected. In order to maintain the rapid build-up in momentum, any pullback in GBP should hold above 1.4110 (‘strong support’ level). Looking ahead, the next resistance levels above 1.4235 are at 1.4265 and 1.4290.”
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