Impulse indicators still point to the libra sterling (GBP); The next technical objective is in 1,3500, the UOB Group FX analysts point out, to be Leang and Peter Chia.
Impulse indicators still point to the GBP rise
24 -hour vision: “We highlight yesterday that ‘The combination of a decreasing impulse and overcompra conditions suggests consolidation today, probably in a range of 1,3380/1,3470.’ Our consolidation prediction was not incorrect, although the GBP was negotiated in a narrower range between 1,3392 and 1,3440, closing slightly down in 1,3418 (-0.01%).
Vision to 1-3 weeks: “There is not much to add to our update yesterday (May 22, quotation in 1,3420). As indicated, ‘the impulse indicators continue to point on the rise of the GBP, and the next technical objective is in 1,3500.’ In general, only a break of 1,3340 (without change in the level of ‘strong support’) would mean that the progress that began earlier this week has come to an end. “
Source: Fx Street
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