GBP/USD bullish momentum is now facing a tough barrier at the 1.1600 zoneaccording to the economist Lee Sue Ann and the market strategist Quek Ser Leang of Global Economics & Markets Research of the UOB Group.
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24 hour view: “Yesterday we highlighted that GBP/USD “could continue to rise although probability of breakout of 1.1400 is not high”. The expected strength of GBP/USD far exceeded our expectations as the pair reached a high of 1.1490. overweight but with no signs of easing yet GBP/USD could continue to rise to 1.1530 before a more sustained pullback is likely GBP/USD today unlikely to challenge major resistance at 1.1600 To the downside, a break of 1.1330 (minor support is at 1.1380) would indicate that the strong recovery of the past few days is ready to take a break.”
Next 1 to 3 weeks: “Last Friday (Sep 30, GBP/USD at 1.1150) we announced that GBP/USD had bottomed, and our view was correct. Yesterday (Oct 4, GBP/USD at 1.1325) we held to the view that GBP /USD could bounce further to 1.1450 However the pair rallied higher than expected reaching a high of 1.1490 in the New York session No wonder the bullish momentum is strong and GBP/USD may continue to rise However, the pair is unlikely to be able to maintain the frantic pace of advancement.Overall, as long as 1.1230 is not broken (“strong support” level was yesterday at 1.1000), GBP/USD has room to move higher , but whether it can break the next resistance at 1.1600 remains to be seen.”
Source: Fx Street
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