GBP/USD could now test the 1.1760 level – UOB

GBP/USD remains firm and could extend bullish momentum to 1.1760 zone in the coming weeks, UOB Group market strategist Quek Ser Leang and economist Lee Sue Ann suggest.

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24 hour view: “While we expected GBP/USD to strengthen yesterday, we were of the opinion that ‘1.1600 is unlikely to show up for now’. In other words, we did not expect the strong rally that took GBP/USD to a high of 1.1639. The bullish momentum remains strong and GBP/USD is likely to continue to rise albeit probably at a slower pace.Resistance levels are at 1.1700 and 1.1760.The latter level is unlikely to be challenged today.Support is at 1.1590 but only a break of 1.1540 would indicate that GBP/USD does not strengthen further.”

Next 1-3 weeks: “When GBP/USD was trading at 1.1300 two days ago (Oct 25), we noted that it is slightly supported and could go higher. After GBP/USD spiked yesterday (Oct 26, GBP/USD at 1.1460) we highlight that the strong push it has received is likely to lead to further strength we indicate that the next resistance is at 1.1600 GBP/USD broke above 1.1600 in the London session yesterday and reached a high of 1.1639 price action suggests that the GBP/USD remains strong and is likely to strengthen further.Next level to watch is at 1.1760.GBP/USD strength is intact as long as it doesn’t break ‘strong support’ at 1.1440 (1.1310 yesterday’s level) .”

Source: Fx Street

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