Further gains likely in GBP/USD after closing above 1.3645currency strategists at UOB Group suggest.
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24 hour view: “Yesterday we highlighted that ‘risk is to the upside, but nascent momentum build-up suggests GBP/USD is unlikely to threaten major resistance at 1.3645’. Our view was not wrong as GBP/USD rose to a high of 1.3638 during the American session.For today, the overbought advance has room to extend above 1.3645, but the next major resistance at 1.3680 is likely to be out of reach.On the downside, a break of 1.3570 (minor support is at 1.3600) would indicate current upside pressure has eased.”
Next 1-3 weeks: “Our view from yesterday (Feb 17, GBP/USD at 1.3585) still stands. As highlighted, the momentum to the upside is building, but GBP/USD has to close above 1.3645 before a sustained advance The probability of GBP/USD closing above 1.3645 has increased and a close above this level will change the target to 1.3680 followed by 1.3750. ‘ was at 1.3520 yesterday) would indicate that GBP/USD is not ready to go higher yet.”
Source: Fx Street
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