GBP/USD: Further gains remain on the cards – by pabspiovano GBPUSD Currencies Majors Banks
is expected to edge further up in the short-term horizon, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: The sharp rise in GBP to a high of 1.2562 yesterday came as a surprise . While the rally appears to be overdone, it could extend even though the resistance at 1.2680 is highly unlikely to come into view today . In order to keep the momentum going, GBP must stay above 1.2495 .
Next 1-3 weeks: Yesterday , we were of the view that GBP “is likely to consolidate between 1.2350 and 1.2550 for the time being”. We did not anticipate the strong surge in GBP that sent it above 1.2550 . While GBP is likely to rise further, it remains to be seen if it has enough momentum to revisit last month’s high near 1.2680. On the downside, a breach of 1.2450 would indicate that 1.2680 is not coming into view.
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