The Pound Sterling (GBP) is facing mild upward pressure; it could edge higher to 1.3035.
The Pound Sterling is facing mild upward pressure; it could edge higher to 1.3035. The major resistance at 1.3070 is not expected to come into view. In the longer run, GBP is expected to trade in a 1.2950/1.3070 range; slightly firm underlying tone suggests it will likely test the top of the range first, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
3030 before levelling off. The major resistance at 1.3070 is unlikely to come into view. Support is at 1.2990; a breach of 1.2970 would indicate that the current mild upward pressure has eased.” 1-3 WEEKS VIEW: “Our latest narrative was from two days ago , wherein ‘downward momentum is slowing, and should GBP break above 1.3000 , it would indicate that GBP is not declining further.’ Yesterday, GBP rose and broke above 1.3000, reaching a high of 1.3018. Downward momentum has faded.
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