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The upside momentum in Cable could extend to the 1.3360 area in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “GBP traded between 1.3249 and 1.3300 last Friday, narrower than our expected range of 1.3200/1.3300. Upward momentum is beginning to improve and a break of the month-to-date high at 1.3322 would not be surprising. In view of the nascent buildup in momentum, the next resistance at 1.3360 is likely out of reach. Support is at 1.3275 followed by 1.3250.”

Next 1-3 weeks: “We highlighted last Friday (19 Nov, spot at 1.3265) that GBP ‘has to move and stay above 1.3280 or prospect for a move above 1.3322 would diminish’. GBP subsequently closed at 1.3289 and upward momentum has improved. From here, a break of 1.3322 would shift the focus to 1.3360 (followed by 1.3400). On the downside, the ‘strong support’ level has moved higher to 1.3200 from 1.3160. A breach of the ‘strong support’ would indicate that GBP is not ready to head higher.”

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