In the opinion of the UOB Group’s currency strategists, GBP/USD could still break the 1.3600 barrier on the short-term horizon.
key comments
24 hour view: “GBP/USD moved between 1.3509 and 1.3557 yesterday, narrower than our expected sideways range of 1.3500/1.3570. Price action offers no new clues and GBP/USD could continue to move sideways. Expected range for today is 1.3515/1.3575.”
Next 1-3 weeks: “Our view from Monday (Feb 7, GBP/USD at 1.3530) still stands. As highlighted, while the upside momentum is starting to wane, there is a chance, though not a high one, for GBP/USD to make a move higher towards 1.3645. However, a break of 1.3470 (‘strong support’) would indicate that the risk of another move higher has dissipated.”
Source: Fx Street
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