GBP/USD: UPSIDE RISK IN GBP REMAINS INTACT – UOB GROUP
There is no significant increase in momentum. The Pound Sterling (GBP) is likely to trade sideways between 1.2970 and 1.3045. Upside risk in GBP remains intact; overbought conditions suggest it might not reach 1.3100 this time around, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Overbought conditions suggest GBP might not reach 1.3100
24-HOUR VIEW: “We expected GBP to trade in a range of 1.2940/1.2995 yesterday. Our expectation was incorrect, as GBP soared to a high of 1.3043, and then pulled back, closing at 1.3008 ( 0.27%). Despite the advance, there is no significant increase in upward momentum, and GBP is unlikely to rise much further. Today, GBP is more likely to trade sideways between 1.2970 and 1.3045.”
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