In view of the research team at UOB Group, GBP/USDfaces upside risks in the next 1-3 weeks.
“Despite moving above 1.4400, the rally was short-lived as GBP dropped quickly from a high of 1.4457 to close near the day’s low”.
“Nevertheless, short-term upward momentum remains strong and the odds for further GBP strength in the days ahead have improved considerably”.
“The key resistance is clearly at the month-to-day high of 1.4514 and this level has to break before a sustained up-move in GBP can be expected”.
“Overall, this pair is expected to remain underpinned in the coming days as long as 1.4200 is not taken out”.
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