Momentum indicators nonetheless level to Pound Sterling (GBP) upside; the subsequent technical goal is at 1.3500, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
Momentum indicators nonetheless level to GBP upside
24-HOUR VIEW: “We highlighted yesterday that ‘the mixture of slowing momentum and overbought situations suggests consolidation right now, seemingly in a 1.3380/1.3470 vary.’ Our name of consolidation was not mistaken, regardless that GBP traded in a narrower vary between 1.3392 and 1.3440, closing marginally decrease at 1.3418 (-0.01%). The worth motion offers no contemporary clues, and we proceed to count on consolidation right now, most probably inside a variety of 1.3375/1.3450.”
1-3 WEEKS VIEW: “There’s not a lot so as to add to our replace from yesterday (22 Might, spot at 1.3420). As indicated, ‘momentum indicators proceed to level to GBP upside, and the subsequent technical goal is at 1.3500.’ General, solely a breach of 1.3340 (no change in ‘sturdy help’ stage) would imply that the advance that began early this week has come to an finish.”
