A move above 1.1940 could cause the selling bias in GBP/USD to diminish in the coming weeks, suggest UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Last Friday, we expected GBP/USD to “trade between 1.1750 and 1.1885″. Subsequently, GBP/USD traded within a tighter range than expected (1.1805/1.1872). The underlying tone has improved somewhat and is GBP/USD likely to rise from here. However, any advance is unlikely to threaten the strong resistance at 1.1940 (there is another resistance at 1.1910). Support is at 1.1850, followed by 1.1815.”
Next 1 to 3 weeks: “Early last week we turned negative on GBP/USD. After GBP/USD fell to 1.1761 and rebounded, last Friday (July 15, GBP/USD at 1.1830) we highlighted that GBP/USD could continue to weaken but the next major support at 1.1700 might not come into the picture so soon GBP/USD rebounded afterwards and bearish momentum is starting to wane That being said, only a break of 1.1940 (no change in ‘ strong resistance’ from last Friday) would indicate that the risk of further GBP/USD weakness has dissipated.”
Source: Fx Street
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