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- GBP/USD: Upside momentum improves further - UOB
GBP/USD: Upside momentum improves further - UOB
FXStreet reports that FX Strategists at UOB Group expect the Cable to navigate within the 1.3640-1.3850 range in the next weeks.
24-hour view: “Our expectations for GBP to ‘decline to 1.3670’ last Friday was incorrect as it dropped to 1.3679 before staging a surprising sharp rally during NY session (high has been 1.3781). While overbought, the rally has room to test 1.3800. The major resistance at 1.3850 is not expected to come into the picture.”
Next 1-3 weeks: “We have held the same view since last Tuesday (24 Aug, spot 1.3720) where GBP is likely to consolidate and trade between 1.3640 and 1.3850. While upward momentum is beginning to build after the strong advance on Friday, we continue to expect GBP to trade between 1.3640 and 1.3850 for now. Looking ahead, GBP has to break 1.3850 before a sustained advance can be expected.”
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