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- GBP/USD now targets 1.3900 and beyond – UOB
GBP/USD now targets 1.3900 and beyond – UOB
FXStreet reports that FX Strategists at UOB Group said that GBP/USD could reach the 1.3960 level in the next weeks.
Next 1-3 weeks: “We highlighted last Wednesday that ‘downward momentum is beginning to build but GBP has to close below 1.3735 before a sustained decline can be expected’. As GBP struggled to move lower, we highlighted on Friday that ‘while there is still chance for GBP to close below 1.3735, the odds for such a move have diminished’. That said, we did not expect the subsequent strong surge in GBP that sent it a high of 1.3909. The rapid rise has shifted the risk to the upside and GBP could advance to 1.3960. At this stage, prospect for a sustained rise above this level is not high. The upside risk is deemed intact as long as GBP does not move below the ‘strong support’ level at 1.3800.”
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