Pound Sterling (GBP) is predicted to commerce in a sideways vary of 1.3670/1.3750 towards US Greenback (USD). Within the longer run, outlook stays constructive however GBP might consolidate for a few days first; the following technical goal is 1.3800, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
Oitlook stays constructive for GBP
24-HOUR VIEW: “Following the robust surge in GBP that reached a excessive of 1.3770 final Thursday, we acknowledged on Friday that ‘the speedy rise in GBP over the previous few days appears overstretched, however given the robust underlying momentum, it’s too early to count on a sizeable pullback.’ We anticipated GBP to ‘commerce in a sideways vary of 1.3680/1.3760.’ GBP subsequently traded between 1.3684 and 1.3753, closing largely unchanged at 1.3715 (-0.08%). The worth motion nonetheless seems to be a part of a sideways buying and selling section. As we speak, we count on GBP to commerce in a variety of 1.3670/1.3750.”
1-3 WEEKS VIEW: “We proceed to carry the identical view as final Friday (27 Jun, spot at 1.3730). As highlighted, ‘the outlook for GBP stays constructive, however it could consolidate for a few days first; the following technical goal is 1.3800.’ We’ll preserve our view so long as the ‘robust help’ at 1.3610 (no change in degree) shouldn’t be breached.”
