The currency strategists of UOB Group noted that the pound’s rise is expected to accelerate further above the 1.4235 level.
24 hour perspective: “Our expectation for the British pound to test 1.4235 failed to materialize as it traded between 1.4137 and 1.4205 before settling slightly lower at 1.4185. Momentum indicators are mostly flat and the pound is expected to consolidate today, probably within a range of 1.4150 / 1.4220”.
Next 1-3 weeks: “Our update from last Friday (May 28, even at 1.4200) still stands. As highlighted, the British pound had to close above 1.4235 before a sustained advance could be expected. On the downside, a breakout of 1.4110 (unchanged from the strong support level) would indicate that the bullish risk has dissipated. Looking to the future, Next resistance levels above 1.4235 are at 1.4265 and 1.4290”.
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