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Cable’s upside momentum has improved and could attempt a move to 1.3480 in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “We highlighted yesterday that we ‘see chance for GBP to edge upwards to 1.3400’. We added, ‘the prospect for a sustained advance above this level is not high’. Our expectation did not materialize as GBP only touched a high of 1.3394. Upward momentum has improved and for today, a break of 1.3400 would not be surprising and could lead to further gains towards 1.3440 (next resistance is at 1.3481). Support is at 1.3350 followed by 1.3315.”

Next 1-3 weeks: “We have held a positive view in GBP since last Tuesday (17 Nov, spot at 1.3210). After GBP retreated from a high of 1.3396, we highlighted on Tuesday (24 Nov, spot at 1.3325) that ‘there is chance, albeit not a high one, for GBP to push above 1.3400’. GBP rose to 1.3394 yesterday before closing at 1.3386 (+0.19%). Momentum is beginning to improve and a break of 1.3400 would shift the focus to the yearto-date high at 1.3481 (there is a minor resistance at 1.3440). All in, the outlook for GBP is deemed as positive as long as it does not move below 1.3280 (‘strong support’ level previously at 1.3250).”

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