The Pound Sterling (GBP) is likely to trade in a sideways range of 1.2780/1.2840.
The Pound Sterling is likely to trade in a sideways range of 1.2780/1.2840. Risk for GBP remains on the upside, the level to watch is 1.2860, UOB Group analystsQuek Ser Leang and Lee Sue Ann note. The level to watch is 1.2860 24-HOUR VIEW: “Last Friday, GBP rose sharply to 1.2817. Yesterday , we indicated that ‘while the rapid rise is approaching overbought levels, further GBP strength is not ruled out.’ We also indicated that ‘the significant resistance at 1.
2840.’ GBP subsequently rose to a high of 1.2846 before pulling back to close largely unchanged . Conditions remain overbought; this, combined with signs of slowing momentum suggests GBP is unlikely to strengthen further. Today, GBP is more likely to trade sideways, probably in a range of 1.2780/1.2840.” 1-3 WEEKS VIEW: “Our update from yesterday is still valid. As indicated, the risk for GBP remains on the upside, and the level to watch is 1.2860. On the downside if GBP breaks below 1.
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