- Analytics
- News and Tools
- Market News
- GBP/USD could still visit the 1.3630 level – UOB
GBP/USD could still visit the 1.3630 level – UOB
In opinion of FX Strategists at UOB Group, there is still chances for Cable to advance to the 1.3630 region in the next weeks.
Key Quotes
24-hour view: “Yesterday, we highlighted that GBP ‘is likely to move above 1.3600 but the next major resistance at 1.3630 is unlikely to come into the picture’. While our view was not wrong as GBP rose to 1.3603, we did not anticipate the subsequent sharp drop to 1.3533. The decline was however short-lived as GBP rebounded sharply from the low to close at 1.3579 (-0.14%). The sharp but short-lived swings have resulted in a mixed outlook. For today, GBP is likely to trade between 1.3540 and 1.3600.”
Next 1-3 weeks: “We highlighted yesterday (10 Jan, spot at 1.3590) that ‘upward momentum has built up further and a break of 1.3600 would indicate that GBP could advance to 1.3630, possibly 1.3660’. GBP subsequently edged above 1.3600 (high of 1.3603) before staging a surprisingly sharp pullback to 1.3533. The sharp pullback has dented the upward momentum somewhat but as long 1.3525 (no change in ‘strong support’ level from yesterday) is not breached, there is still chance for GBP to advance to 1.3630.”
© 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
