The outlook for GBP / USD remains constructive with the next target at 1.3850 and beyond. on the short-term horizon, suggest currency strategists at UOB Group.
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24 hour view: “Yesterday we expected GBP / USD to ‘move sideways within a range of 1.3765 / 1.3830’. However, GBP / USD fell to 1.3743 before rebounding sharply to 1.3833 during the American session. Despite the rebound, momentum The upside has not improved that much. However, there is room for GBP / USD to rise above 1.3850. For today, the next major resistance at 1.3915 is not expected to kick in. Support is at 1.3790, followed by 1.3755. . “
Next 1-3 weeks: “Our narrative from yesterday (Oct 20, GBP / USD at 1.3795) still stands. As highlighted, GBP / USD remains strong and a rally to 1.3850 would not be surprising. While GBP is likely to / USD to break 1.3850, upside momentum is not that strong for now and 1.3915 may not come on the scene as soon. Overall, the strength of GBP / USD that started last Thursday (Oct 14, GBP / USD at 1, 3665) is considered intact as long as the pair does not move below 1.3720 (no change from yesterday’s ‘strong support’ level) “.
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