In the opinion of the market strategist of UOB Group, Quek Ser Leang, and Rates Strategist, Victor Yong, a higher rise in the GBP/USD could challenge the 1.1760 area in the coming weeks.
24 hour outlook: “Our expectation for the pound to go higher yesterday failed to materialize as it traded between 1.1550 and 1.1645. The price move is likely part of a consolidation and we expect it to trade within a range of 1.1485/1.1625“.
Next 1-3 weeks: “Yesterday (Oct 27, pair at 1.1630), we held the view that the pound remained strong and was likely to strengthen further. We indicated that the next level to watch is at 1.1760. For now there is no change in our opinion, but short-term overbought conditions could lead to a couple of days of consolidation first. Overall, only a break of 1.1440 (no change from yesterday’s ‘strong support’ level) would indicate that the pound’s strength that began earlier this week is over.”
Source: Fx Street
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