GBP/USD: A sustained advance can be expected above 1.3600 – UOB Group

Source Fxstreet

Current price movements are likely part of a 1.3490/1.3555 range trading phase. In the longer run, Pound Sterling (GBP) must first close above 1.3600 before a sustained advance can be expected, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Current price movements are likely part of a 1.3490/1.3555 range

24-HOUR VIEW: "GBP soared to 1.3559 on Monday. Yesterday, Tuesday, we indicated that 'strong momentum suggests further GBP strength, even though it is unclear this will be sufficient for a break of the 1.3600 resistance.' Our assessment was incorrect, as GBP retreated, reaching a low of 1.3493 before closing at 1.3520 (-0.18%). The current price movements are likely part of a range trading phase. Today, we expect GBP to trade between 1.3490 and 1.3555."

1-3 WEEKS VIEW: "Last Friday (30 May, spot at 1.3500), we indicated that 'the current price movements still appear to be part of a range trading phase, likely between 1.3400 and 1.3600.' After GBP rose to 1.3559, we indicated yesterday (03 Jun, spot at 1.3555) that 'there has been an increase in short-term upward momentum, but for a sustained advance, GBP must first close above 1.3600.' We added, 'the likelihood of GBP closing above 1.3600 will grow in the next few days as long as the ‘strong support’ level at 1.3470 is intact.' Our view remains unchanged."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Must Clear This Critical Cost Basis Level For Continued Upside, Analyst SaysIn a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
Author  NewsBTC
4 Month 23 Day Wed
In a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
placeholder
Top 3 gainers EOS, Kaito, Stacks: Navigating the dynamic altcoin marketThe altcoin market is getting more complex to navigate, with fragmented narratives, limited liquidity, and massive token unlocks creating hefty headwinds.
Author  FXStreet
5 Month 08 Day Thu
The altcoin market is getting more complex to navigate, with fragmented narratives, limited liquidity, and massive token unlocks creating hefty headwinds.
placeholder
Gold price bears flirt with 200-period EMA pivotal support on H4 amid US-China trade optimismGold price (XAU/USD) struggles to capitalize on the previous day's modest uptick and attracts fresh sellers during the Asian session on Wednesday.
Author  FXStreet
5 Month 14 Day Wed
Gold price (XAU/USD) struggles to capitalize on the previous day's modest uptick and attracts fresh sellers during the Asian session on Wednesday.
placeholder
BNB Price Forecast: BNB recovery receives boost as trading volume hits $11.35 billion, highest yearly levelBNB (BNB) is extending its recovery, trading around $670 on Tuesday after rebounding from a key level over the weekend. On-chain data and technical outlook suggest a rally ahead as BNB breaks above the symmetrical triangle pattern, with ecosystem trading volume and stablecoin activity surging.
Author  FXStreet
6 Month 03 Day Tue
BNB (BNB) is extending its recovery, trading around $670 on Tuesday after rebounding from a key level over the weekend. On-chain data and technical outlook suggest a rally ahead as BNB breaks above the symmetrical triangle pattern, with ecosystem trading volume and stablecoin activity surging.
placeholder
EUR/USD hovers below 1.1400 as Eurozone inflation falls below ECB’s 2% targetEUR/USD moves little after registering losses in the previous session, trading around 1.1380 during the Asian hours on Wednesday. The pair may appreciate as the US Dollar (USD) struggles due to traders’ caution amid rising tariff uncertainty and its potential to hurt growth in the US economy.
Author  FXStreet
6 Month 04 Day Wed
EUR/USD moves little after registering losses in the previous session, trading around 1.1380 during the Asian hours on Wednesday. The pair may appreciate as the US Dollar (USD) struggles due to traders’ caution amid rising tariff uncertainty and its potential to hurt growth in the US economy.
Related Instrument
goTop
quote