- Analytics
- News and Tools
- Market News
- GBP/USD: Further gains need to surpass 1.3600 – UOB
GBP/USD: Further gains need to surpass 1.3600 – UOB
In opinion of FX Strategists at UOB Group, GBP/USD targets 1.3630/60 on a break above the 1.3600 mark.
Key Quotes
24-hour view: “We expected GBP to ‘consolidate and trade within a range of 1.3485/1.3570’ last Friday. However, GBP soared to a high of 1.3598. Upward momentum has improved, albeit not by all that much. For today, GBP is likely to move above 1.3600 but the next major resistance at 1.3630 is unlikely to come into the picture. Support is at 1.3570 followed by 1.3550.”
Next 1-3 weeks: “In our latest narrative from last Thursday (06 Jan, spot at 1.3555), we highlighted that ‘upward momentum has improved slightly but GBP has to break 1.3600 before further advance is likely’. We added, ‘the chance for GBP to break 1.3600 is not high for now but would remain intact as long as GBP does not move below 1.3460’. GBP rose strongly last Friday and came close to breaking 1.3600 (high of 1.3598). Upward momentum has built up further and a break of 1.3600 would indicate that GBP could advance to 1.3630, possibly 1.3660. Only a breach of the ‘strong support’ at 1.3525 (level was at 1.3460 last Friday) would indicate that the build-up in momentum has fizzled out.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
