In the opinion of the currency strategists at UOB Group, GBP / USDD bullish momentum remains firm for the moment.
Key Comments:
24 hour view: “Our expectation for GBP / USD to ‘move above last month’s peak near 1.4020’ did not materialize as it fell back from 1.4009. Overbought conditions combined with diminishing momentum suggest that GBP / USD has entered a consolidation phase. For today, the pair is likely to trade between 1.3900 and 1.3990 “.
Next 1-3 weeks: “Our update from yesterday still stands. As highlighted, the strong and rapid rise in GBP / USD earlier this week appears to be a bit of a stretch, but it still does not show any signs of weakening. The British pound could advance further even though the next major resistance at 1.4100 may not enter the scene so soon. On the downside, a break of 1.3850 (unchanged from the ‘strong support’ level) would indicate that the current strength of the British pound has come to an end. “
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