A move beyond 1.1700 in GBP/USD seems unlikely at the momentaccording to UOB Group currency strategists Quek Ser Leang and Peter Chia.
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24 hour view: “We expected GBP/USD to ‘continue to range trade’ last Friday. Instead of trading within a range, GBP/USD spiked to a high of 1.1646 before closing 0.75% higher (close of 1.1584 in New York), its biggest one-day gain in over a month. Although approaching overbought, the GBP/USD advance could extend to 1.1665. For today, the next resistance at 1.1700 is not expected to be far away. the view Support is at 1.1575 followed by 1.1550”.
Next 1 to 3 weeks: “We turned neutral on GBP/USD last Wednesday (Sep 6 GBP/USD at 1.1575) and expect it to consolidate. Last Friday GBP/USD spiked to a high of 1.1646, above the top of our expected range Upside momentum has improved but not much From here GBP/USD is likely to rise but chance of breaking major resistance at 1.1700 not high for now To the downside , a break of 1.1520 would indicate that the current upside pressure has subsided.”
Source: Fx Street
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