GBP/USD: The next technical target is at 1.3500 – UOB Group

Source Fxstreet

Momentum indicators still point to Pound Sterling (GBP) upside; the next technical target is at 1.3500, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Momentum indicators still point to GBP upside

24-HOUR VIEW: "We highlighted yesterday that 'the combination of slowing momentum and overbought conditions suggests consolidation today, likely in a 1.3380/1.3470 range.' Our call of consolidation was not wrong, even though GBP traded in a narrower range between 1.3392 and 1.3440, closing marginally lower at 1.3418 (-0.01%). The price action provides no fresh clues, and we continue to expect consolidation today, most likely within a range of 1.3375/1.3450."

1-3 WEEKS VIEW: "There is not much to add to our update from yesterday (22 May, spot at 1.3420). As indicated, 'momentum indicators continue to point to GBP upside, and the next technical target is at 1.3500.' Overall, only a breach of 1.3340 (no change in ‘strong support’ level) would mean that the advance that started early this week has come to an end."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Silver spikes up to $36.50 with markets turning cautiousSilver (XAG/USD) is extending its rebound from Monday’s lows at $35.40 to intra-day highs at $36.50.
Author  FXStreet
10 hours ago
Silver (XAG/USD) is extending its rebound from Monday’s lows at $35.40 to intra-day highs at $36.50.
placeholder
EUR/GBP keeps the red above mid-0.8500s after Eurozone inflation dataThe EUR/GBP cross retreats from the vicinity of the 0.8600 mark, or its highest level since April 23 touched earlier this Tuesday and sticks to modest intraday gains through the first half of the European session.
Author  FXStreet
10 hours ago
The EUR/GBP cross retreats from the vicinity of the 0.8600 mark, or its highest level since April 23 touched earlier this Tuesday and sticks to modest intraday gains through the first half of the European session.
placeholder
Dollar Endures Worst Half in Decades: What's Next for 2025?The dollar experienced its weakest first half in more than 50 years, hurt by geopolitical tensions and former President Donald Trump's trade policies.
Author  Insights
10 hours ago
The dollar experienced its weakest first half in more than 50 years, hurt by geopolitical tensions and former President Donald Trump's trade policies.
placeholder
XRP, ETH Traders Getting Greedy? Funding Rates Highest Among Top CoinsData shows XRP and Ethereum top the Funding Rate charts among the major cryptocurrencies, a sign of growing demand for long positions.
Author  Bitcoinist
10 hours ago
Data shows XRP and Ethereum top the Funding Rate charts among the major cryptocurrencies, a sign of growing demand for long positions.
placeholder
Bitcoin Price Forecast: BTC slips below $107,000 even as exchange reserves hit 6-year low Bitcoin (BTC) slips below $107,000 at the time of writing on Tuesday, continuing a mild pullback from the previous day.
Author  FXStreet
11 hours ago
Bitcoin (BTC) slips below $107,000 at the time of writing on Tuesday, continuing a mild pullback from the previous day.
Related Instrument
goTop
quote