FXStreet reports that FX Strategists at UOB Group said that cable could now be headed towards the 1.3900 area in the next weeks.
Next 1-3 weeks: “We have expected GBP to trade within a 1.3600/1.3830 range since late last week. That said, we detected an improvement in shorter-term momentum and yesterday (26 Jul, spot at 1.3755), we highlighted that ‘a break of 1.3830 is not ruled out but GBP is unlikely able to maintain a foothold above this level’. We did not anticipate the subsequent strong rise during NY hours to a high of 1.3833. Upward momentum has improved further and GBP is expected to trade with an upward bias towards 1.3900. At this stage, the prospect for a sustained rise above 1.3900 is not high. On the downside, a breach of 1.3740 (‘strong support’ level) would indicate that GBP is not ready to head higher just yet.”
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