The pound is aiming for more gains on a breakout above 1.3280, as noted by currency strategists from UOB Group.
24 hour perspective: “We expected the GBP to strengthen yesterday, but we are of the opinion that it probably cannot stay above this level. We indicate that the next resistance is at 1.3280. Subsequently, the pound rose to a high of 1.3270 before closing at 1.3250 (+ 0.36 %). The bullish momentum has improved, although not much. There are Margin for the British Pound to rise above 1.3280, but last week’s high at 1.3322 is probably out of reach for now. The slight upward pressure is considered intact as long as the GBP does not move below 1.3190 (the minor support is at 1.3220) ”.
Next 1-3 weeks: “Not much to add to our update yesterday. As highlighted, the bullish momentum has improved, but not much. The GBP it has to close above 1.3280 to indicate that it is ready to move towards last week’s high of 1.3322. The slightly positive outlook is considered intact as long as the British pound does not move below 1.3160 (the ‘strong support’ level was at 1.3130 yesterday). “
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