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FX Strategists at UOB Group believes Cable could recede and re-visit 1.3000 although a breach of this level looks unlikely in the very near-term.

Key Quotes

24-hour view: “GBP popped to a high of 1.3200 before retreating quickly. Upward pressure has eased and 1.3200 is likely a short-term top. The pullback from the high could extend lower but for now, any decline is not unlikely to move below the 1.3000 support (minor support at 1.3040). Resistance is at 1.3150 ahead of 1.3200.”

Next 1-3 weeks: “We highlighted yesterday (09 Mar, spot at 1.3080) the ‘stronger than expected recovery has scope to extend further to 1.3200’. GBP subsequently popped to 1.3200 before retreating quickly. From here, the prospect for a sustained advance above 1.3200 is not high. Looking forward, GBP has to register a NY closing above 1.3220 in order to indicate that it is ready to challenge the late December peak of 1.3284. Meanwhile, severely overbought short-term conditions could lead to a couple of days of consolidation. However, a break of 1.2960 (no change in ‘strong support’ level) would indicate that 1.3200 is a short-term top.”

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