GBP/USD: Below 1.3265, GBP is set to stop advancing – UOB Group
Pound Sterling (GBP) is likely to trade in a range between 1.3290 and 1.3350. In the longer run, a break below 1.3265 would indicate that the advance in GBP from late last month has come to an end, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
GBP is likely to trade in a range
24-HOUR VIEW: "We expected GBP to 'trade in a range between 1.3290 and 1.3360' yesterday. Our view of range-trading was not wrong, even though GBP traded within a much narrower range than expected (1.3307/1.3344). GBP closed slightly lower by 0.09% at 1.3322. The price action still appears to be part of a range-trading phase. Today, we expect GBP to trade between 1.3290 and 1.3350."
1-3 WEEKS VIEW: "In our most recent narrative from last Thursday (04 Dec, spot at 1.3345), we indicated that GBP 'is expected to continue to rise, potentially to 1.3410'. However, GBP has not been able to make further headway on the upside, and upward momentum is starting to slow. From here, a break below 1.3265 (‘strong support’ level) would indicate that the advance in GBP that started late last month has come to an end."
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