According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, GBP/USD could extend the uptrend and revisit the 1.2700 zone.
Key comments
24 hour view: “Yesterday we highlighted ‘barely any improvement in upside momentum’ and expected GBP/USD to “trade sideways within a range of 1.2580/1.2665″. Subsequently, GBP/USD moved within a narrower range than expected. expected (1.2617/1.2660). Quiet price action suggests further sideways movement is likely, expected between 1.2585 and 1.2660.”
Next 1-3 weeks: “Our view from yesterday (May 30, GBP/USD at 1.2625) remains valid. As we have highlighted, although the upside momentum has not improved much, the risk for GBP/USD is to the upside towards 1.2700. Overall , only a break of 1.2560 (‘strong support’ level was 1.2540 yesterday) would indicate that the upside risk has dissipated.Looking ahead, the next resistance above 1.2700 is a fairly solid level at 1.2740.”
Source: Fx Street
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