GBP/USD: MAY TEST THE 1.3320 RESISTANCE – UOB GROUP
The Pound Sterling (GBP) could strengthen further, but it does not appear to possess enough momentum to reach the major resistance at 1.3320, UOB Group FX strategists Quek Ser Leang and note.
Bulls are set to breach 1.3320
24-HOUR VIEW: “We did not anticipate GBP to soar to a fresh 2-1/2 year high of 1.3269 yesterday (we were expecting range trading). The rapid buildup momentum suggests further GBP strength today. However, GBP does not appear to possess enough momentum to reach the major resistance at 1.3320 (there is another resistance at 1.3295). To keep the momentum going, GBP must not break below 1.3215 with minor support at 1.3235.”
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