There is no significant increase in momentum. The Pound Sterling (GBP) is likely to trade sideways between 1.2970 and 1.3045.
There is no significant increase in momentum. The Pound Sterling is likely to trade sideways between 1.2970 and 1.3045. Upside risk in GBP remains intact; overbought conditions suggest it might not reach 1.3100 this time around, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note. Overbought conditions suggest GBP might not reach 1.3100 24-HOUR VIEW: “We expected GBP to trade in a range of 1.2940/1.2995 yesterday. Our expectation was incorrect, as GBP soared to a high of 1.
” 1-3 WEEKS VIEW: “Two weeks ago, on 04 Jul, when GBP was trading at 1.2745, we pointed out that ‘the risk for GBP has shifted to the upside’ . As GBP rose, we have been providing frequent guidance, and in our latest narrative from two days ago , we indicated that GBP ‘must break above 1.3000 before further advance can be expected.’ We also highlighted that ‘the next level to watch above 1.3000 is at 1.3045.’ After trading below 1.
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