Continuation of GBP/USD rally is expected to hit a tough barrier at 1.1600 areaas suggested by 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 to 1.1530 before a pullback is likely”. GBP/USD subsequently rose to 1.1493, tumbled to 1.1230 before rebounding to close at 1.1319 (1.37%). choppy price action are likely part of a broad consolidation phase and we expect GBP/USD to trade within a range of 1.1240/1.1440.”
Next 1-3 weeks: “Our update from yesterday (Oct 5, GBP/USD at 1.1450) still stands. As we highlighted, there is room for GBP/USD to move higher, but it remains to be seen if it can break the next resistance at 1.1600 Overall, only a break of 1.1230 (no change from yesterday’s “strong support” level) would indicate that the strong bullish momentum initiated last Friday has subsided.Notice GBP/USD fell as low as 1.1230 in the New York session. York before rebounding hard.”
Source: Fx Street
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