Opportunity for the pound sterling (GBP) to break above 1.3000 against the US dollar (USD); The overcompra conditions suggest that it might not be able to maintain a position above this level. In the long term, to continue climbing, the GBP must break and remain above 1.3000, the FX analysts of UOB Group, quek be Leang and Peter Chia point out.
Overcompra conditions suggest that GBP may not remain above 1.3000
24 -hour vision: “Yesterday, we expected the GBP ‘to operate in a range of 1,2900/1,2970.’ However, the GBP shot, testing the main resistance in 1.3000, reaching a maximum of 1,2999. that is in danger. ”
Vision at 1-3 weeks: “We have maintained a positive vision about the GBP since the beginning of this month. Following the progress, in our last narrative last Thursday (March 13, for 1,2955), we indicate that ‘to continue climbing, the GBP must break and remain above 1.3000.’ Yesterday (March 17), the GBP tested the level of 1.3000 but failed to break.
Source: Fx Street
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