There is room for further upside in GBP/USD, although there is a hard barrier in the 1.3260 area for now, according to currency strategists at UOB Group.
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24 hour view: “We highlighted yesterday that GBP/USD is likely to ‘trade sideways within a range of 1.3115/1.3205’. Our view on sideways movement was not wrong despite GBP/USD moving within a tighter range than expected (1.3128/1.3210) before closing little changed at 1.3169 (-0.06%) Price still appears to be part of a consolidation and we continue to expect GBP/USD to move sideways, likely into a 1.3120 range / 1.3220.”
Next 1-3 weeks: “Last Friday (March 18, GBP/USD at 1.3170), we highlighted that the probability of a sustained rally above 1.3220 has increased. Subsequently, GBP/USD rose to 1.3211 and yesterday (March 21), advanced to 1.210 before pulling back.Movement to the upside has ebbed a bit but we still see room for GBP/USD to move above 1.3220.Any further advance is expected to face solid resistance at this point at 1.3260 On the downside, a break of 1.3090 (the ‘strong support level’ was at 1.3070 yesterday) would indicate that the current pressure to the upside has eased.
Source: Fx Street
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