The current price action is not in a trend; The sterling pound (GBP) is likely to be negotiated in a range between 1,3220 and 1,3320. In the long term, the accumulation of impulse has decreased; It is likely that the GBP is negotiated in a range of 1,3140/1,3405, the FX analysts of the UOB Group, quek being Leang and Peter Chia point out.
The accumulation of impulse has decreased
24 -hour view: “Yesterday, we indicated that the GBP ‘could continue bouncing.’ However, we point out that ‘given that the conditions are approaching overbuilding, any additional advance is probably limited to a 1,3340 test.’ We also point out that ‘the main resistance in 1,3405 is not expected to appear.’ Although the GBP rose more than expected to 1,3361, it retreated sharply to close 0.33% in 1,3259.
View 1-3 weeks: “Our update yesterday (May 14, for 1,3300) is still valid. As highlighted, the recent accumulation of downward impulse has decreased. Current price movements are part of a phase of trade in the range, and it is likely that the GBP is negotiated in a range of 1,3140/1,3405 for now.”
Source: Fx Street
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