GBP/USD: GBP to face significant resistance at 1.3300 – UOB Group
Trending Articles- Gold Price Forecast: XAU/USD tumbles to near $3,950 on Fed's hawkish comments, trade optimism
- Gold drifts higher amid growing concerns over US government shutdown
- XRP, BNB, and SOL record major losses as Bitcoin slides to $105,000
- Goldman Sachs and Morgan Stanley warn of potential 20% market decline
- Gold draws support from safe-haven flows and Fed rate cut bets
- Bitcoin Stalls Below $110,000 as Miners Step In to Sell
Further Pound Sterling (GBP) GBP strength is not ruled out, but any advance is expected to face significant resistance at 1.3300, UOB Group Quek Ser Leang and Victor Yong note.
GBP to test 1.3300 near term
24-HOUR VIEW: “In NY trade, GBP soared briefly to 1.3298, and then pulled back sharply, closing at 1.3214 (+0.39%). The price movements did not provide any clarity. Today, we expect GBP to trade sideways, likely between 1.3150 and 1.3250.”
1-3 WEEKS VIEW: “Our most recent narrative was from two days ago (17 Sep, spot at 1.3210), wherein the recent increase in momentum “is likely to lead to further GBP strength, potentially breaking above this year’s high, near 1.3270.” While GBP broke above 1.3270 in NY trade, it pulled back sharply from 1.3298. While there has been no further increase in momentum, further GBP strength is not ruled out. However, any advance is expected to face significant resistance at 1.3300. On the downside, should GBP break below 1.3120 (no change in ‘strong support’ level), it would mean the current upward pressure has faded.”
Read more
* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
