The pound’s rally could hit 1.3715 with the expectation of hitting 1.3750 in the coming weeks, as suggested by FX strategists in UOB Group.
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24-hour perspective: “Our expectations of the pound ‘weakening’ yesterday were wrong to trade oscillatingly before closing on a firm note at 1.3664 (+ 0.55%). While the upside momentum has not improved that much, there is room for the pound to advance to 1.3695, possibly 1.3715. Any advance in GBP is unlikely to challenge the main resistance at 1.3750. The support is at 1.3640 followed by 1.3615. “
Next 1-3 weeks: “We have expected GBP to trade within the 1.3500 / 1.3680 range since the beginning of this week. The pound rose sharply yesterday and the advance has gained momentum. From here, it is likely to rise to 1.3715. A breakout of 1.3715 would shift focus to 1.3750. Only a break out of ‘strong support’ (currently 1.3595) would indicate that GBP is not ready to head higher. “
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