The GBP/USD could extend the bounce to the 1.3220 area in the short term, according to forex strategists at UOB Group.
24 hour outlook: “Yesterday we highlighted that there was likely to be more strength in the pound but any advance was unlikely to challenge major resistance at 1.3220. Our view was not wrong as the pound rallied to 1.3211 and fell sharply to 1.3088 before turning back Despite the rapid ups and downs, the underlying tone seems firm and we see the chance of GBP testing 1.3220. However, a sustained rise above this level seems unlikely for now (next resistance is at 1.3280). Support appears at 1.3145 followed by 1.3110.”
Next 1-3 weeks: “Yesterday (March 17, pair at 1.3150), we signaled that the recent phase of weakness was over and we felt that the GBP rebound had room to extend to 1.3220. The pound subsequently jumped to 1.3211 before pulling back. For now there is no no change in our opinion even though the possibility of a sustained rise above 1.3220 has increased. next resistance above 1.3220 is at 1.3280. Overall GBP is expected to trade on a firm basis as long as it does not move below 1.3070 (‘strong support’ level was at 1.3040 yesterday).
Source: Fx Street

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