GBP/USD continues to advance, although a test of 1.1300 does not seem favorable at the momentnote UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Last Friday we highlighted that GBP/USD “could continue to rise, but a sustained advance above 1.1300 is unlikely”. However, GBP/USD tumbled from a high of 1.1235 to 1.1025 before rebounding to close at 1.1165 (+0.41%) The upside pressure has eased and the pound is likely to trade sideways today, probably between 1.1030 and 1.1230.”
Next 1-3 weeks: “We continue to hold the same view as last Friday (Sep 30, GBP/USD at 1.1150), where the recent GBP/USD weakness has bottomed out for now. While the strong rebound has room to extend, it is unlikely 1.1300 resistance to come under pressure. Overall, only a break of 1.0800 (“strong support” level) would indicate that the rapid build-up of short-term momentum has subsided.”
Source: Fx Street
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