GBP / USD could extend the rally to the 1.3320 region once it breaks above 1.3280have suggested the currency strategists at UOB Group.
Key Comments:
24 hour view: “The GBP / USD traded yesterday between 1.3167 and 1.3242 before closing practically unchanged at 1.3202 (+ 0.02%). The bullish momentum shows a possible sign of improvement and while the pair could move above the 1.3250 resistance, it may not be able to sustain above this level. The next resistance is at 1.3280. Support is at 1.3185 followed by 1.3160 ”.
Next 1-3 weeks: “Last Friday (Nov 13, GBP / USD at 1.3120), we held the view that GBP / USD” could trade sideways within a wide 1.3000 / 1.3250 range over a period of time. “The way was not expected. relatively fast in which the pair has approached the upper limit of the range (Monday high at 1.3242). Despite the advance, the bullish momentum has not improved much. That said, a move above 1.3250 is not ruled out, but GBP / USD needs to close above 1.3280 to indicate that it is ready to move towards last week’s high of 1.3322. For now, the outlook for such a scenario is not high, but would remain intact as long as the pair does not move. below 1.3130 in the next few days ”.
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