GBP / USD shifts its focus to 1.4300

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GBP / USDD upward movement remains firm and is now targeting the 1.4300 level in the coming weeks, suggest currency strategists at UOB Group.

Key Comments:

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24 hour view: “After GBP / USD soared during yesterday’s Asian session, we noted that ‘while further advance is not ruled out, the rapid rise seems overstated and the next major resistance at 1.4300 is unlikely to enter the picture.’ However, the British pound fell to 1.4083 before bouncing to end the day at 1.4143 (+ 0.22%). The upward pressure has eased and GBP / USD is likely to move sideways today between 1.4070 and 1.4210 ”.

Next 1-3 weeks: “We have had a positive outlook on GBP / USD for over 2 weeks. In our last update on Monday (Feb 22, GBP / USD at 1.4030), we indicated that ‘bullish momentum remains strong and the British pound could advance further to 1’4100’. We add, ‘a clear breakout of 1.4100 would shift focus to 1.4150’. We were not expecting the sudden surge in the British pound as it simply broke past the 1.4150 region during the Asian session and the focus has now shifted to 1.4300 followed by the 2018 high of 1.4377. On the downside, a breakout of 1.4020 (the ‘strong support’ level was at 1.3940 yesterday) would indicate that the positive phase in GBP / USD is over. “

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