GBP/USD still expected to test 1.13170 – UOB

Pablo Piovano FXStreet

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”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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