Further upside could prompt GBP/USD to revisit the 1.2800 region in the next few weeks, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategi
to revisit the 1.2800 region in the next few weeks, suggest UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: Yesterday, when GBP was trading at 1.2635, we highlighted that “as long as GBP does not break below 1.2580, it could rise further. However, we were of the view that “there does not appear to be enough momentum for GBP to break the major resistance at 1.2685.” While GBP strengthened as expected, the advance exceeded our expectations considerably.
Next 1-3 weeks: We highlighted yesterday that “the likelihood of GBP declining further has diminished.” We added, “a breach of 1.2685 would indicate that GBP is likely to trade in a range instead of declining further.” In NY trade, GBP not only broke above 1.2685, it also surged and closed sharply higher by 0.59% . The rapid increase in momentum suggests that instead of trading in a range, there is a chance for GBP to rise to 1.2800, with a lower possibility of reaching 1.2845.
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