There is a chance for the sharp rise in Pound Sterling (GBP) to test 1.3560 before levelling off; 1.3590 is not expected to come into view today. In the longer run, GBP could rise to 1.3590; the odds of a continued rise above this level are not high, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

GBP has a chance of rising towards 1.3590

24-HOUR VIEW: “Our view for GBP to ‘trade sideways between 1.3430 and 1.3490’ yesterday was incorrect. GBP traded in a relatively volatile manner, dropping to 1.3415, surged to 1.3548 before closing on a firm note at 1.3541 (+0.58%). Given that the sharp rise came from a low level, the increase in upward momentum is not significant. However, there is a chance for GBP to test 1.3560 before levelling off. Based on the current momentum, we do not expect 1.3590 to come into view today. Support levels are at 1.3505 and 1.3485.”

1-3 WEEKS VIEW: “We noted yesterday (05 Jan, spot at 1.3450) that ‘momentum indicators are mostly flat’, and we were of the view that GBP ‘is likely to trade in a range between 1.3400 and 1.3535’. However, GBP soared and broke above 1.3535 (high of 1.3548). Although upward momentum has not increased significantly, GBP could rise to 1.3590. Currently, the odds of a continued rise above this level are not high. On the downside, a break below 1.3455 would indicate that GBP is likely to range-trade rather than rising toward 1.3590.”

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