British Pound: Rapidly rising toward 1.3480 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight a sharp pickup in upward momentum in GBP/USD after recent gains. Intraday, the British Pound (GBP) is expected to hold above 1.3410 and potentially rise toward 1.3480, with 1.3510 seen as a higher resistance.
UOB analysts Quek Ser Leang and Lee Sue Ann report a notable surge in upward momentum for the British Pound (GBP) against the US Dollar (USD). Over the past 24 hours, GBP reached a high of 1.3448 before pulling back slightly. Yesterday, the pair was expected to consolidate between 1.3380 and 1.3435, with GBP closing at 1.3414, essentially flat (+0.04%).
Presently, GBP has experienced a rapid increase in momentum, and if it remains above 1.3410, it could potentially reach 1.3480. However, the next resistance level at 1.3510 appears to be out of reach for now. Over the next 1-3 weeks, the analysts maintain their positive outlook, anticipating GBP to test the 1.3480 mark as long as the strong support level at 1.3385 is not breached. The next milestone to watch beyond 1.3480 is 1.3510.
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