The Pound Sterling (GBP) is poised for potential gains but may struggle to surpass last year’s peak of 1.3144, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
24-Hour View: The GBP surged yesterday, ending at 1.3090—a level not seen since July of the previous year, marking a 0.43% increase. Despite its overbought status, bullish momentum might drive the currency higher today. However, a clear break above the 1.3144 mark from last year is uncertain. If GBP falls below 1.3030, with minor support at 1.3060, it could signal a halt in the current upward trend.
1-3 Weeks View: GBP closed higher for the fifth consecutive day yesterday, reaching its highest daily close since July of last year. Given that GBP peaked at 1.3144 last year, there is potential for it to surpass this level if it remains above the ‘strong support’ level of 1.2950. Should GBP break the 1.3144 threshold, the next target to watch would be 1.3200.
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