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Cable is forecast to attempt a move to 1.3320 as long as it trades above 1.3280, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that ‘barring a move above 1.3300, GBP is likely to move lower towards 1.3215’. We added, ‘next support is at 1.3190’. GBP subsequently traded in a choppy manner as it dropped to a low of 1.3198 before rebounding strongly to an overnight high of 1.3279. The price actions have resulted in a mixed outlook and GBP could trade between 1.3200 and 1.3300 for now.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (19 Nov, spot at 1.3265). As highlighted, GBP ‘has to move and stay above 1.3380 within these 1 to 2 days or a break of 1.3160 (no change in ‘strong support’ level) would indicate that GBP is not ready to move above 1.3322’. GBP subsequently dropped to 1.3198 before rebounding strongly to end the day little changed at 1.3265 (-0.02%). Upward momentum continues to wane and unless GBP can maintain a foothold above 1.3280 within these 1 to 2 days, the prospect for a move above 1.3322 would diminish quickly.”

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