UOB analysts suggest that upward momentum for GBP/USD pair has picked up strongly but rally appears to be running ahead of itself.
Key Quotes
“Immediate risk is on the upside even though GBP is unlikely able to maintain pace of its current up-move.”
“The outlook for GBP is deemed as ‘positive’ but at this stage, we expect 1.3160 to offer solid resistance (key and major mid-term resistance is near last month’s top of 1.3220).”
“On the downside, only a break of the 1.2960 ‘key support’ would indicate that a short-term top is in place.”
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