In the opinion of the currency strategists of UOB Group, it is anticipated that the Pound further advances on a breakout of the 1.3710 level in the coming weeks.
24 hour perspective: “The GBP closed on a firm note yesterday at 1.3636 (+ 0.35%) before extending its gains this morning. The bullish momentum is starting to improve and there is room for the British pound to break through strong resistance at 1.3670. In view of the incipient build-up of momentum, the next resistance at 1.3700 is unlikely to enter the scene. He support is at 1.3615 followed by 1.3585 “.
Next 1-3 weeks: “We noted on Monday (Jan 18, pair at 1.3585) that risk was starting to turn lower, but any weakness was considered part of a 1.3500 / 1.3670 range. a relatively robust bounce. While the GBP could move above 1.3670, has to close above 1.3710 before a sustained advance can be expected. 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 1.3550 in the next few days. Looking further, the next resistance above 1.3710 is at 1.3760 “
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