The price action suggests that the rally is in pause; The sterling pound (GBP) will probably be negotiated in a range between 1,3040 and 1,3200 against the US dollar (USD). In the long term, overcompra conditions could lead to a couple of days of negotiation in range; There is a possibility that the GBP try 1,3300 later, the FX analysts of UOB Group, to be Leang and Peter Chia.
The GBP will probably be negotiated in a range between 1,3040 and 1,3200
24 -hour vision: “After the GBP shot on Wednesday, we highlight yesterday that ‘although the strong rally seems to be excessive, it is not showing signs of pause for the moment.’ However, we point out, ‘given the deep overcompra conditions, it is unlikely that the GBP clearly breaks above 1,3080.’ The GBP easily broke above 1,3080 and reached 1,3207 before going abruptly to close at 1,3100 (+0.68%).
Vision at 1-3 weeks: “Yesterday, April 3, when the GBP was in 1,3030, we highlight the following: ‘The bullish impulse is accumulating rapidly, but the GBP must break and stay above 1,3080 before more profits are probable. The probability that the GBP clearly breaks over 1,3080 will remain intact as long as it does not break 1,2940.’ We do not anticipate that the GBP will shoot at 1,3207.
Source: Fx Street
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