GBP/USD still expected to test 1.13170 – UOB


Cable remains neutral although there is still scope for a test of 1.3170, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “GBP traded between 1.2980 and 1.3083 yesterday, higher than our expected 1.2960/1.3065 consolidation range. While upward momentum is not strong, there is room for GBP to edge above the overnight high of 1.3083 even though a break of the next resistance at 1.3105 would come as a surprise. Support is at 1.3020 but only a break of 1.2990 would indicate that a short-term top is in place”.

Next 1-3 weeks: “There is not much to add as GBP touched a ‘fresh’ high of 1.3087 before easing off. As highlighted yesterday (11 Sep, spot at 1.3025), while it is too soon to expect a shift to a bullish phase, the current GBP strength could extend higher and test the strong 1.3170 resistance. For now, we view any up-move as part of a corrective rebound and do not expect a sustained break above 1.3170. On the downside, only a break of 1.2900 would indicate that the prevalent upward pressure has eased”.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD holds lower ground below 0.6300 despite renewed China optimism

AUD/USD holds lower ground below 0.6300 despite renewed China optimism

AUD/USD stays depressed below the 0.6300 mark in the Asian session on Thursday amid uncertainty over US President Donald Trump's tariff plans. The Aussie shrugs off a risk-rally in Chinese stocks on fresh support measures as the US Dollar holds ground ahead of top-tier US data releases. 

AUD/USD News
USD/JPY bounces to near 155.50 amid modest US Dollar uptick

USD/JPY bounces to near 155.50 amid modest US Dollar uptick

USD/JPY finds fresh buyers and bounces to near 155.50 in the Asian session on Thursday. The pair reverses an early dip-=led by the better-than-expected Japanese Trade Balance data. Further upside could be capped amid prospects for an imminent BoJ rate hike on Friday. 

USD/JPY News
Gold price consolidates below three-month top at $2,763

Gold price consolidates below three-month top at $2,763

Gold price holds steady below its highest level since November at $2,763 and remains on track to prolong over a one-month-old uptrend. The uncertainty over US President Donald Trump's trade policies and Fed rate cut bets might continue to underpin the yellow metal.

Gold News
Ripple's XRP ETFs: Is SEC approval on the horizon following CME's rumored futures launch?

Ripple's XRP ETFs: Is SEC approval on the horizon following CME's rumored futures launch?

The Chicago Mercantile Exchange allegedly plans to launch Ripple's XRP and Solana futures contracts following a now-deleted post on a staging website detailing how trading for both assets will function.

Read more
Netflix posts record quarter, as Trump talks tariffs on China

Netflix posts record quarter, as Trump talks tariffs on China

There has been a positive tone to risk this week, as the market digests Trump 2.0. However, Trump is not the only show in town. Earnings reports are also a key driver of stock indices, and the news is good.

Read more
Trusted Broker Reviews for Smarter Trading

Trusted Broker Reviews for Smarter Trading

VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures