In the opinion of the currency strategists at UOB Group, GBP / USD could move higher and revisit 1.3800 ahead of 1.3850 on the short-term horizon.
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24 hour view: “We highlighted yesterday that ‘the rapid advance appears to be ahead of itself and GBP / USD is unlikely to strengthen much further’ and we expected the pair to ‘trade between 1.3710 and 1.3780’. Our view was not wrong despite the fact that GBP / USD traded within a tighter range than expected (1.3710 / 1.3765) The underlying tone has improved somewhat, but although GBP / USD could move higher, it is unlikely to break the resistance at 1.3770. Support is at 1.3710, followed by 1.3690. “
Next 1-3 weeks: “Not much to add to our update yesterday (Oct 18, GBP / USD at 1.3765). As highlighted, GBP / USD is likely to advance further to 1.3800. A further extension to 1.3850 is not ruled out, but the odds are not high for now. Only a breakout of the ‘strong support’ at 1.3655 (unchanged from yesterday’s level) would indicate that the pair is not ready to move up to 1.3800. “
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