GBP/USD: THERE IS ROOM FOR GBP TO TEST 1.3250 – UOB GROUP
As long as 1.3160 is not breached, there is room for GBP to test 1.3250, after which the advance might pause, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.
The 1.3250 resistance is the next target
24-HOUR VIEW: “We did not anticipate GBP to soar last Friday (we were expecting range trading). The sharp and swift rise during NY trade seems to be running ahead of itself. However, as long as 1.3160 is not breached, there is room for GBP to test 1.3250, after which the advance might pause. The next major resistance at 1.3300 is unlikely to come into view. To keep the momentum going, GBP must not break below 1.3165 (minor support is at 1.3185).”
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