Outlook for Pound Sterling (GBP) has shifted to positive vs US Dollar (USD); the technical level to watch is 1.3290, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
The technical level to watch is 1.3290
24-HOUR VIEW: "Our view of range-trading yesterday was incorrect, as GBP soared to 1.3201 before closing at a 6-1/2-month high of 1.3191, up by 0.48%. The rally over the past few days appears to be overextended, but there is a chance for GBP to test the major resistance at 1.3210 before the risk of a pullback increases. The next major resistance at 1.3290 is not expected to come under threat. On the downside, should GBP break below 1.3100 (minor support is at 1.3130), it would indicate that it is not rising further."
1-3 WEEKS VIEW: "Our most recent update was from last Friday (11 Apr, spot at 1.2990), wherein 'the outlook for GBP has shifted to positive, and the two technical levels to watch are 1.3210 and 1.3290.' Yesterday, GBP rose and reached 1.3201. We continue to hold the same view as long as 1.2950 (‘strong support’ level previously at 1.2880) is not breached."
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