In light of recent price action, the pair GBP / USD could revisit the 1.3660 level before rising to 1.3700 on the short-term horizon, according to the currency strategists of the UOB Group.
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24 hour view: “The sharp rise to 1.3637 yesterday was a surprise (we expected GBP / USD to trade between 1.3540 and 1.3600). Strong bullish momentum suggests that GBP / USD could continue to climb towards 1.3660. The next resistance at 1.3700 is likely outside. out of reach today. Support is at 1.3620, followed by 1.3590. “
Next 1-3 weeks: “We have expected a stronger GBP / USD since the end of last week. In our last review yesterday (Jan 11, GBP / USD at 1.3580), we highlighted that while the upside momentum has diminished somewhat, there is still a chance. GBP / USD moving to 1.3630. Our view was not wrong as GBP / USD spiked to 1.3637 before closing on a firm tone (1.3634, + 0.41%). Price action suggests a likely GBP / USD further strength Next resistance is at 1.3660 followed by 1.3700 Upward pressure is intact as long as GBP / USD does not move below 1.3560 (‘strong support’ was at 1.3525 yesterday).
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