GBP/USD could advance to 1.2900 near term – UOB – by pabspiovano GBPUSD Currencies Majors Banks
revisiting the 1.2900 region in the next few weeks, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: We highlighted yesterday that “while severely overbought, the advance in GBP has room to break above 1.2700 before the risk of a pullback increases”. We added, “The next major resistance at 1.2790 is highly unlikely to come into view”. We did not expect GBP to accelerate upwards to within one pip of 1.2790 . Today, GBP is likely to break 1.2790.
Next 1-3 weeks: Yesterday , we held the view that GBP “is likely to strengthen further” and “the next level to watch is 1.2790”. Our view was correct, but we did not quite expect GBP to rise towards 1.2790 so quickly . Not surprisingly, conditions are severely overbought. However, only a breach of 1.2630 indicates that the GBP strength that started one week ago has ended. On the upside, the next level to aim for is 1.2900.
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