GBP/USD: Next on the upside comes 1.2790 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
In the view of Economist Lee Sue Ann and Markets Strategist Quek ser Leang at UOB Group, further upside could now lift24-hour view: We highlighted yesterday that GBP “is likely to rise further”. We added, “barring a surge in momentum, the major resistance at 1.2680 is likely out of reach today”. GBP rose more than expected as it surged to a high of 1.2699 before easing off to close at 1.2661 . Conditions are severely overbought and the chance for a sustained break above 1.2700 is not high.
Next 1-3 weeks: We turned positive in GBP last Friday but we indicated that “it remains to be seen if it has enough momentum to revisit last month’s high near 1.2680”. Yesterday , we stated that “the boost in momentum suggests that 1.2680 is likely to come into view”. While our view was correct, we did not quite expect GBP to surpass 1.2680 so soon . Upward momentum remains robust, and we continue to expect GBP to strengthen. The next level to watch is 1.2790. On the downside, a breach of 1.
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