GBP/USD: Focus now shifts to 1.2900 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, extra gains could lift24-hour view: We expected GBP to “rise further” last Friday. However, we indicated, “in view of the severely overbought conditions, it is unlikely to challenge 1.2850.” GBP rose as expected even though it came close to taking out 1.2850 . While conditions remain overbought, GBP could edge above 1.2850 today, but it is unlikely able to maintain a foothold above this level.
Next 1-3 weeks: We have held a positive GBP view for more than a week now. In our most recent narrative from last Friday , we indicated that “GBP strength is intact and the next level to aim for is 1.2900.” There is no change in our view. On the downside, a breach of 1.2700 indicates that the GBP strength has ended.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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