GBP/USD: Rally could extend to 1.2665 – UOB – by pabspiovano GBPUSD Currencies Majors Banks
could extend the uptrend to the 1.2660 region in the next few weeks, suggest Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: “We expected GBP to ‘break above 1.2600’ last Friday but we held the view that ‘the major resistance at 1.2665 is unlikely to come into view’. Our expectations turned out to be correct as GBP rose to a high of 1.2653. While upward momentum has waned somewhat, there is room for GBP to test 1.
Next 1-3 weeks: “Last Friday , we highlighted that GBP ‘is likely to ratchet higher towards the major resistance at 1.2665’. We added, ‘At this stage, the odds for a sustained rise above this level are not high’. Our view of a higher GBP was not wrong even though we did not quite expect the rapid advance as GBP rose quickly to a high of 1.2653. Upward momentum is improving and GBP could break above 1.2665. The next resistance above 1.2665 is at 1.2720.
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