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Cable remains firm and could advance to the mid-1.3700s in the short-term horizon, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “While GBP rose to a fresh high of 1.3686 last Thursday (31 Dec), upward momentum has not improved by much. From here, GBP could move above the major resistance at 1.3700 but a sustained rise above this level is unlikely (next resistance is at 1.3750). Support is at 1.3635 followed by 1.3600.”

Next 1-3 weeks: “GBP closed on a relatively strong note last Thursday (1.3662, +0.26%). Upward momentum has improved, albeit not by all that much. Overall, the outlook for GBP appears to be slightly positive and GBP could advance towards 1.3750. On the downside, a break of 1.3560 (‘strong support’ level) would indicate that the current upward pressure has eased.”