According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, GBP/USD could extend the bounce to the 1.1760 zone short term.
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24 hour view: “Yesterday we highlighted that “GBP/USD advance could extend to 1.1665”. We added that “next resistance at 1.1700 is not expected to be in sight”. The anticipated advance exceeded our expectations as GBP/USD reached a high of 1.1710. Although the rapid rise seems to be getting ahead of itself, there is room for GBP/USD to push further up to 1.1725 before relaxing. Support is at 1.1655, followed by 1.1630.”
Next 1-3 weeks: “Yesterday (Sep 12, GBP/USD at 1.1610), we noted that “upside momentum has slightly improved”. 1.1700 not high.” We did not expect the subsequent strong rally that led to the break of 1.1700 (the high has been 1.1710). The rapid improvement in momentum is likely to lead to further GBP/USD strength. 1.1760 To the downside, the “strong support” at 1.1580 (the level was at 1.1520 yesterday) is likely to hold, at least for these two days.”
Source: Fx Street
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