GBP/USD could still revisit 1.2900 as long as it holds above the 1.2700 levelas suggested by Quek Ser Leang, UOB Group Market Strategist, and Alvin Liew, Senior Economist.
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24 hour view: Yesterday, we expected GBP/USD to trade in a range between 1.2765 and 1.2830. We did not expect the sharp drop in GBP/USD to 1.2714 and the quick rebound from the low. The bounce has room to extend but any advance is expected to face solid resistance at 1.2805. Support is at 1.2735, followed by 1.2700.
Next 1-3 weeks: We turned positive on GBP/USD on June 9 when it was trading at 1.2555. Our view was not wrong, and after GBP/USD rallied, in our latest call last Friday (June 16, GBP/USD at 1.2780), we indicated that “GBP/USD strength remains intact”, adding that “the next level to watch is 1.2900”. Yesterday (June 20), GBP/USD fell to a low of 1.2714. Although our “strong support” level at 1.2700 has not yet been broken, the bullish momentum is starting to fade. However, as long as GBP/USD does not break below 1.2700, there is a chance, albeit slim, that it will continue to rise to 1.2900.
Source: Fx Street
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