In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, further gains in GBP/USD are expected to challenge the 1.3335 level.
Key Quotes
24-hour view: GBP traded between 1.3051 and 1.3109 yesterday, lower and narrower than our expected consolidation range of 1.3060/1.3145. The price actions offer no fresh clues, and today, we expect GBP to trade in a range between 1.3045 and 1.3105.
Next 1-3 weeks: We have held a positive GBP view since early last week. After GBP surged, in our latest narrative from last Friday (14 Jul, spot at 1.3115), we highlighted that as long as GBP stays above 1.3000, the GBP strength is intact. We added, “The next significant resistance is at 1.3335.” There is no change in our view. That said, overbought short-term conditions could lead to a couple of days of consolidation.
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