GBP/USD clings to the consolidative stance near term – UOB – by pabspiovano GBPUSD Currencies Majors Banks
24-hour view: “The strong advance in GBP to a high of 1.2147 came as a surprise . While overbought, the rapid rise could extend to 1.2165 before the risk of a pullback increases. The major resistance at 1.2210 is unlikely to come into view. Support is at 1.2065, followed by 1.2030.”
Next 1-3 weeks: “In our most recent narrative from Monday , we indicated that ‘as long as the ‘strong resistance’ at 1.2100 is not breached within the next few days, there is still a slim chance for GBP to break below 1.1900’. Yesterday, GBP soared to a high of 1.2147. The breach of the ‘strong resistance’ level indicates that the weakness in GBP that started late last week has ended.
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