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27 Aug 2024

GBP/USD: Expected to continue to rise – UOB Group

Sharp and rapid rise is coupled with strong momentum; Pound Sterling (GBP) is expected to continue to rise, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.

A breach of 1.3105 to stop GBP march upwards

24-HOUR VIEW: “We highlighted yesterday that ‘as long as 1.3160 is not breached, there is room for GBP to test 1.3250, after which the advance may pause.’ While GBP did not breach 1.3160, it did not test 1.3250 either, trading in a range of 1.3181/1.3222. The strong advance from late last week is likely taking a pause. Today, we expect GBP to trade in a range, probably between 1.3160 and 1.3220.”

1-3 WEEKS VIEW: “The level to monitor is 1.3320. GBP soared last Friday. Yesterday (Monday), we indicated that ‘the sharp and rapid rise is coupled with strong momentum.’ And GBP ‘is expected to continue to rise.’ We also indicated that ‘the next level to monitor is 1.3320.’ There is no change in our view. Overall, only a breach of 1.3105 (no change in ‘strong support’ level from yesterday) would mean that the GBP strength has run its course.”

Aug 27, 2024

EUR/USD juggles below 1.1200 as focus shifts to Eurozone, US inflation data

EUR/USD trades in a tight range below the immediate resistance of 1.1200 in Tuesday’s European session.
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Aug 27, 2024

Fed: A few more thoughts on Friday – Commerzbank

There was little movement in the currency markets yesterday.
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