In the view of UOB Group currency strategists, the pound is expected to extend the recovery on a break above the 1.3810 level in the near term.
24 hour perspective: “Yesterday, we noted that the bullish momentum had not improved and we expected the GBP to trade between 1.3740 and 1.3810. Subsequently, the pound traded within a tighter range than expected (1.3762 / 1.3809). Price shares do not deliver. new tracks and it is Sterling likely to trade sideways today, expected to be between 1.3740 and 1.3800”.
Next 1-3 weeks: “Not much to add to our update yesterday (April 15, par at 1.3780). As highlighted, although short-term momentum hasn’t improved much, a breakout of 1.3810 is not ruled out (Note that GBP tested 1.3810 twice in the last two days with a high of 1.3809). However, the pound has to close above 1.3810 before a sustained advance can be expected (next resistance is at 1.3850). At this stage, the outlook for such a move is not high, but it would remain intact as long as the GBP does not move below 1.3715 in a few days. “
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