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GBP/USD now targets 1.3250 – Commerzbank

In view of FX Strategists at UOB Group, Cable could attempt a visit to the upper end of the 1.3050-1.3250 range.

Key Quotes

24-hour view: “We highlighted yesterday that “there is room for GBP to probe the 1.3180 resistance” and added, “a clear break of this level is not expected”. The anticipated strength exceeded our expectation as GBP hit an overnight high of 1.3200. Upward momentum has improved further and the risk is still on the upside. However, 1.3250 is a rather strong resistance and this level is unlikely to yield so easily (there is another major resistance at 1.3300). On the downside, only a break back below 1.3135 would indicate that the current upward pressure has eased (minor support is at 1.3160)”.

Next 1-3 weeks: “There is not much to add to yesterday’s update. Underlying tone has however improved and the top of the expected 1.3050/1.3250 range is likely to be tested soon. At this stage, the prospect for a clear break of the next resistance at 1.3300 is not high”.

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