The pound could see its rally accelerated on a break above the 1.3810 level in the coming weeks, according to currency strategists from the United States. UOB Group.
24 hour perspective: “Yesterday, we noted that the British pound could rise, but the main resistance at 1.3810 was unlikely to be threatened. Instead of rising, the British pound exploded to 1.3809 and then quickly fell to 1.3751 before recovering to trade sideways during the remainder of the session. The bullish momentum has not improved and, for today, the pound is likely to trade between 1.3740 and 1.3810”.
Next 1-3 weeks: “On Monday (April 12, pair at 1.3705), we held the view that the GBP was likely to trade between 1.3670 and 1.3810. The pound rose to 1.3809 yesterday (April 14) before giving way. While momentum in the short term it has not improved much, a breakout of 1.3810 is not ruled out. That being said, the currency has to close above 1.3810 before a sustained advance can be expected (the 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 it doesn’t move below 1.3715 in the following days. “
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