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- GBP/USD: Consolidation likely ahead of further gains – UOB
GBP/USD: Consolidation likely ahead of further gains – UOB
FXStreet reports that FX Strategists at UOB Group said that cable could move into a consolidative phase ahead of a probable test of the 1.4000 level.
Next 1-3 weeks: “We have expected GBP to strengthen since early this week. Yesterday, we highlighted that there is room for GBP to advance further but overbought shorter-term conditions suggest that 1.3955 may not come into the picture so soon. However, GBP quickly and easily cracked 1.3955 as it rose to 1.3982 during NY session. Shorter-term conditions remain overbought and this could lead to a couple of days of consolidation first. As long as 1.3860 (‘strong support’ level was at 1.3800 yesterday) is not breached, an advance to 1.4000 would not be surprising. Looking ahead, the next resistance above 1.4000 is at 1.4050.”
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