Extra gains in GBP/USD are likely while above the 1.3000 hurdle, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24-hour view: Last Friday, we held the view that “as long as 1.3055 is not breached, GBP could rise to 1.3160.” While GBP did not breach 1.3055, it also did not rise to 1.3160. Instead, GBP traded in a relatively quiet manner between 1.3090 and 1.3143. GBP appears to have entered a consolidation phase. Today, we expect GBP to trade in a range, likely between 1.3060 and 1.3145.
Next 1-3 weeks: There is not much to add our update from last Friday (14 Jul, spot at 1.3115). As highlighted, as long as 1.3000 is intact, the GBP strength that started last Monday is intact. Looking ahead, the next significant resistance is at 1.3335.
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