Pound Sterling (GBP) is anticipated to consolidate between 1.3540 and 1.3600. Within the longer run, upward momentum stays robust; the following goal is 1.3635, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Upward momentum stays robust
24-HOUR VIEW: “GBP soared to 1.3550 final Friday. Yesterday, Monday, we indicated that ‘whereas robust upward momentum signifies additional GBP energy, overbought circumstances recommend that any advance is unlikely to succeed in 1.3600.’ We weren’t improper, as GBP rose to 1.3593 earlier than buying and selling largely sideways. The present worth actions are doubtless a part of a consolidation. At present, we anticipate GBP to commerce between 1.3540 and 1.3600.”
1-3 WEEKS VIEW: “Our replace from yesterday (26 Might, spot at 1.3530) stays legitimate. As highlighted, following final Friday’s worth actions, ‘upward momentum stays robust, and the following goal is 1.3635.’ On the draw back, a break of 1.3460 (‘robust help’ degree beforehand at 1.3420) would point out that the upward stress that began in the midst of final week has light.”
