GBP/USD: Expected to rise to 1.33000 – UOB Group
The Pound Sterling (GBP) is expected to rise to 1.3300, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
GBP has likely moved into a consolidation phase
24-HOUR VIEW: "On Wednesday, GBP surged to a high of 1.3245. Yesterday, we indicated that 'while the sharp advance appears excessive, there is scope for GBP to rise to 1.3270 today, potentially testing the major resistance at 1.3300'. We added that 'support levels are at 1.3215 and 1.3180'. GBP then rose to 1.3269, pulled back to a low of 1.3210 before closing largely unchanged at 1.3238 (-0.03%). GBP has likely moved into a consolidation phase, and today we expect GBP to trade in a range of 1.3220/1.3270."
1-3 WEEKS VIEW: "Two days ago (26 Nov, spot at 1.3160), we highlighted that 'for GBP to continue to rise, it must first close above 1.3220'. After GBP rose and closed at 1.3243, we highlighted yesterday (27 Nov, spot at 1.3240) that GBP 'is expected to rise to 1.3300'. We will maintain this view as long as GBP holds above the ‘strong support’ at 1.3180 (level was at 1.3145 yesterday)."
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