GBP/USD: Likely to trade in a range between 1.2625 and 1.2680 – UOB Group
Pound Sterling (GBP) is likely to trade in a range between 1.2625 and 1.2680. In the longer run, boost in momentum indicates further GBP strength to 1.2730, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Boost in momentum indicates further GBP strength
24-HOUR VIEW: "Last Thursday, GBP soared and rose to a high of 1.2671. On Friday, we indicated that 'although the rapid rise is deeply overbought, the current impulsive momentum could continue to push GBP higher.' Our expectation did not materialise as GBP eased off to close at 1.2636 (-0.25%). We view the current price movements as part of a range trading phase, probably between 1.2625 and 1.2680."
1-3 WEEKS VIEW: "We continue to hold the same view as last Friday (21 Feb, spot at 1.2670). As highlighted, following the sharp rise last Thursday, 'the boost in momentum indicates further GBP strength to 1.2730.' On the downside, a breach of 1.2580 (no change in ‘strong support’ level from last Friday) would mean that the GBP strength from the middle of the month (as annotated in the chart below) has ended."
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