The bullish momentum of the pound has improved and could try move to 1.3480 in the next few weeks, as suggested by the currency strategists of UOB Group.
24 hour perspective: “We highlighted yesterday that we saw possibilities for the British pound to rise to 1.3400. We added that the outlook for a sustained advance above this level was not high. Our expectation did not materialize as the GBP only touched a high of 1.3394. The bullish momentum has improved and, stop today, a breakout of 1.3400 would not be surprising and could lead to further gains towards 1.3440 (Next resistance is at 1.3481). Support is at 1.3350 followed by 1.3315 “.
Next 1-3 weeks: “We have had a positive view on GBP since last Tuesday (Nov 17, par at 1.3210). After the pound retreated from a high of 1.3396, we highlighted on Tuesday (Nov 24, pair at 1.3325) that there was a possibility, although not high, that it would rally above 1.3400. The UK currency rose to 1.3394 yesterday before closing at 1.3386 (+ 0.19%). The momentum is starting to improve and a break of 1.3400 would shift focus to the year high at 1.3481 (There is a minor resistance at 1.3440). All in all, the outlook for the British pound is considered positive as long as it does not move below 1.3280 (previously ‘strong support’ level at 1.3250). “
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