- Analytics
- News and Tools
- Market News
- GBP/USD: Dwindling bets for a move above 1.3645 – UOB
GBP/USD: Dwindling bets for a move above 1.3645 – UOB
In opinion of FX Strategists at UOB Group, the likeliness of GBP/USD advancing beyond 1.3645 in the near term could be losing momentum.
Key Quotes
24-hour view: “Last Friday, we highlighted that ‘the overbought advance in GBP has scope to extend above 1.3645 but the next major resistance at 1.3680 is likely out of reach’. The subsequent advance fell short of our expectations as GBP rose to 1.3640 before staging a surprising sharp pullback to 1.3575. Upward pressure has dissipated and GBP is likely to consolidate and trade between 1.3560 and 1.3630 for today.”
Next 1-3 weeks: “Our latest narrative was from last Thursday (17 Feb, spot at 1.3585) where we highlighted that upward momentum is building but GBP has to close above 1.3645 before a sustained advance is likely. Last Friday (18 Feb), GBP rose to 1.3640 before pulling back sharply. The chance for GBP to move clearly above 1.3645 has diminished and a breach of 1.3545 (no change in ‘strong support level) would indicate that GBP is not ready to head above 1.3645.”
© 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
