The pound still faces more gains on the short-term horizon, currency strategists at UOB Group have suggested.
24 hour perspective: “We expected the British pound to consolidate and trade between 1.3900 and 1.3990 yesterday. Subsequently, the GBP traded within a lower and tighter range than expected (1.3886 / 1.3950). The current move is still considered part of a consolidation even though it is Pound likely to trade within a higher range of 1.3900 / 1.3965 for today”.
Next 1-3 weeks: “Our update from Tuesday (April 20, even at 1.3990) still stands. As highlighted, the strong and rapid rise in the British pound earlier this week seems a bit of a stretch, but it still doesn’t show any signs of weakening. The pound sterling could advance further even though the next major resistance at 1.4100 may not enter the scene as soon. On the downside, a break of 1.3850 (unchanged from the ‘strong support’ level) would indicate that the current strength of the pound has come to an end. “
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