The bullish impulse has slowed down a little, but instead of retreating, the pound sterling (GBP) is likely to be negotiated in a range of 1,3555/1,3655 against the US dollar (USD). In the long term, the perspective seems mixed; The GBP could be negotiated in a range of 1,3420/1,3655 for now, the FX analysts of UOB Group, to be Leang and Peter Chia.
The perspective seems mixed for GBP
24 -hour perspective: “After the price movements of Monday, we indicated yesterday (Tuesday) that ‘there is a possibility that the GBP tests 1,3580 before the risk of a setback increases.’ ‘ We also indicate that ‘the main resistance is not expected in 1,3655 to be reached.’ We underestimate the bullish impulse, since the GBP rose to a maximum of 1,3648 before softening.
1-3 weeks perspective: “We review our Neutral Perspective yesterday (June 24, quotation in 1,3545), indicating that the recent ‘impulse accumulation has vanished.’ We also indicate that ‘the perspective seems mixed, and the GBP could be negotiated in a range of 1,3420/1,3655 for now.’ Our perspective remains unchanged, but the GBP breaks and remains above 1,3655, would increase the potential that the GBP exceeds 1,3700.
Source: Fx Street
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