The pound sterling (GBP) is expected to consolidate between 1,3540 and 1,3600. In the long term, the bullish impulse remains strong; The next objective is 1,3635, FX analysts point out UOB GroupTo be Leang and Peter Chia.
The bullish impulse remains strong
24 -hour view: “The GBP shot at 1,3550 last Friday. Yesterday, we indicate that ‘although the strong bullish impulse indicates a greater strength of the GBP, the overcompra conditions suggest that any advance is unlikely that it reaches 1,3600.’ We were not wrong, since the GBP rose to 1,3593 before operating mostly lateral.
View 1-3 weeks: “Our update of yesterday (May 26, for 1,3530) is still valid. As stood out, after the price movements last Friday, ‘The bullish impulse remains strong, and the next objective is 1,3635.’ In the lower part, a break of 1,3460 (level of ‘strong support’ previously in 1,3420) would indicate that the upward pressure that began in the middle of last week has faded. “
Source: Fx Street
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