A close above 1.2300 should allow GBP/USD to extend the uptrend in the coming weeks, according to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “We did not expect the big advance in GBP/USD as it rose as high as 1.2277 before pulling back to close at 1.2217 (+1.18%). The strong and rapid rally appears to be getting ahead of itself and GBP/USD is unlikely to follow moving forward. For today, GBP/USD is more likely to trade between 1.2160 and 1.2260.”
Next 1-3 weeks: “On Monday (Aug 8, GBP/USD at 1.2065), we highlighted that GBP/USD risks to the downside but has to break major support at 1.2000 before a sustained decline is likely. However, GBP/USD did not break the 1.2000 level as it reached a high of 1.2277 during the New York session.The rapid build-up of bullish momentum suggests that the risk for GBP/USD has shifted to the upside. this the pair has to break major resistance at 1.2300 before a sustained advance is likely Upside risk is intact as long as GBP/USD does not move below the ‘strong support’ level at 1.2125 within two days “.
Source: Fx Street
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