In the opinion of the currency strategists at the UOB Group, further rise seems likely in GBP / USD In the next weeks.
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24 hour view: “We highlighted yesterday that ‘while GBP / USD could strengthen’, we note that ‘overbought conditions suggest a slower pace of advance and a sustained rise above 1.3740 seems unlikely.’ Our view was correct as the GBP / USD rose to 1.3749 before reversing. The upside momentum is beginning to ease and this coupled with the still overbought conditions suggest that GBP / USD is likely to consolidate today, while expected to be within a range of 1.3680. /1.3740. “
Next 1-3 weeks: “Yesterday (Jan 13, GBP / USD at 1.3705), we noted that further GBP / USD strength would not be surprising, although probably at a slower pace. We note that the next resistance level is 1.3740 followed by 1.3800. The GBP / USD subsequently rose to 1.3749 before reversing. While there is still room for GBP / USD to advance further, the next resistance at 1.3800 may not enter the scene that soon. On the downside, a breakout of 1.3640 ( ‘strong support level’ was at 1.3620 yesterday) would indicate that the GBP / USD strength that started late last week has ended. “
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