Torque performance GBP / USD remains solid and a test of 1.3850 remains on the table For the next several weeks, the currency strategists at UOB Group suggest.
Featured Comments
24 hour view: “We highlighted yesterday that ‘GBP / USD could move higher but is unlikely to break resistance at 1.3770’. We did not expect the increased momentum that caused GBP / USD to skyrocket to 1.3834. The sharp advance and Fast seems to be overdone and the pair is unlikely to strengthen further. For today, GBP / USD is more likely to move sideways at these higher levels. It is expected to be within a range of 1.3765 / 1.3830. “
Next 1-3 weeks: “We have expected GBP / USD to move higher since the end of last week. On Monday (Oct 18, GBP / USD at 1.3765), we highlighted that the pair is likely to ‘advance further to 1.3800’. And we add that ‘a new extension to 1.3850 is not ruled out, but the odds are not high for now.’ Our opinion was not bad even though we did not expect the ease by which the GBP / USD surpassed 1.3800 (the pair rose to 1, 3834 during London hours yesterday) GBP / USD strength remains intact and as long as it does not fall below 1.3720 (previously strong support level at 1.3665), a advance to 1.3850 would not be surprising. next resistance above 1.3850 is 1.3915. “
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
